When the Money Runs Out

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But Stephen King does not always convincingly link his historical analysis to his present diagnosis e. Sep 20, Max rated it liked it Shelves: The first pages of this book are global historical examples of monetary and fiscal mistakes. The next 60 pages explain why running on continually growing deficits is dangerous, explains why creditor nations have the upper hand over debtor nations,why trust in the world financial community is eroding and why trust is essential to any functioning monetary transaction, presents guidelines for an EU fiscal union, how central bankers in the USA should focus on nominal rates rather than interest The first pages of this book are global historical examples of monetary and fiscal mistakes.

The next 60 pages explain why running on continually growing deficits is dangerous, explains why creditor nations have the upper hand over debtor nations,why trust in the world financial community is eroding and why trust is essential to any functioning monetary transaction, presents guidelines for an EU fiscal union, how central bankers in the USA should focus on nominal rates rather than interest rates which was over my head , why sound financial principals should be taught in school, and economics should turn to historical implications rather than advanced mathematical models.

Not suprisingly the Author has seemingly sound ideas that will never come to fruition because he is not emperor of the world and the current state of international relations is more based on self interest rather than global preservation. He also addressed the conundrum of the American economic policy of spending now and basing our future budget off of future sustained growth. I believe this is an incredible moral shortfall and I wish he would have talked about how to create a sustainable economy not based on ever rising growth rates.

Jun 15, Patrdr rated it liked it Shelves: economics. There is a lot to both admire and dislike in this book. King is firmly embedded in the pessimistic camp when it comes to the world economy. He provides a lot of reasons to worry about our future. He provides breezy accounts of past horrors the Black Death, its economic causes and consequences that hint at the Walking Dead future that may be just around the corner, or the corner after that.

He has a chip on his shoulder about central bankers. I think that their past hubris is over-stated. I doubt There is a lot to both admire and dislike in this book. I doubt if even Alan Greenspan, caricatured for self-regard in his own omniscience and the power of wisely guided monetary policy to right all aspects of the world economy, is fairly treated. Still he has a lot of sensible things to say. His sensible view that we will like it or not have to suck it up and live within our means, that there is no magic bullet of economic policy, isn't likely to cheer anyone up, but he is, in my view right.

Aug 20, Dave rated it it was ok. A disappointing read. It sketches out some economic history, a bit about the crisis and some basics of economic theory. But if you are sufficiently interested in this subject you will probably already know this, and to a knowledgable reader the analysis is lightweight. The final chapter promised solutions but fails to deliver.

The final paras where he uses "we" and "our" made me furiously mutter "You speak for yourself! There A disappointing read. There are plenty who did not!

When the Money Runs Out: The End of Western Affluence by Stephen D. King

Jul 14, Tracey Kreps rated it liked it. This book made a series of observations that I agree with while providing even more disagreeable assertions. They are goods, they are commodities, they have This book made a series of observations that I agree with while providing even more disagreeable assertions. They are goods, they are commodities, they have real, practical, economic value; they increase the efficiency of the system, enable you to produce more goods or more of whatever values you hold in high esteem. But they are not commodities for which trade on the open market is technically possible or even meaningful.

Oct 19, Matthew rated it really liked it. I'll admit, as a non-economist or finance type, this was a tough read for me, but I pushed through, and King makes some valid points.

We've built our entire society around economic growth, and a lot of misery can occur when economies don't grow. But as populations start to age and shrink in the developed world, we will have to face some serious consequences. King gives the reasons that quantitative easing on the part of central banks is a bad idea, and also points up the dangers of politicizing I'll admit, as a non-economist or finance type, this was a tough read for me, but I pushed through, and King makes some valid points.

King gives the reasons that quantitative easing on the part of central banks is a bad idea, and also points up the dangers of politicizing monetary policy but also points up the strong links between monetary and fiscal policy. A worthwhile read.

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Aug 20, Ariadna73 rated it it was amazing Shelves: economy , sociology. What I liked the most about this book is the sense of hope that it transmits: the challenge of economic stagnation is huge, and life won't become any easier in the future, but we can still actually do something. All we need to do is roll up our sleeves and get to work.

I hope a lot of more people read this book. Sep 28, Bob Browne rated it really liked it. Good read. Particularly good if you don't agree with the decline of western influence. King's use of historical evidence prompts thorough review of where we are both politically and fiscally. Worth reading.

When the Money Runs Out: The End of Western Affluence

Clear analysis of the problems facing the major economies in the world in a well-written book. Sep 16, Kimberly rated it really liked it. Great read about consequences of living beyond your means May 25, Dave rated it liked it Shelves: business.


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Not my cup of tea. Interesting premise but too many figures thrown about and too little deep analysis. Seems a bit padded to length, making the same points again and again. Nov 30, Mark Thuell rated it liked it.

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Interesting read but heavy going for the lay reader. Sounds on the money. Apr 18, Rebekka rated it really liked it. Well we are doomed! Jul 18, Michael Fraser rated it it was amazing. This is a book everyone should read. Diana Gonzalez Rodriguez rated it it was amazing Jan 23, John rated it liked it Sep 07, Bruce rated it liked it Feb 25, Sigurd rated it it was ok Sep 06, Now they will have to be recapitalised - in other words real money will have to be injected into the banks to make them solvent so that they can lend again. This cannot now come from sovereign wealth funds, shareholders or loans from other financial institutions.

It will have to come from the state - ultimately from the bank of you and me.

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It will require the government to buy large stakes in the banks or to nationalise them outright. This is an outcome governments desperately wished to avoid, but they are rapidly running out of alternatives. Ireland has placed the entire collective wealth of its people at the disposal of its delinquent banks by guaranteeing all bank deposits. Germany righteously condemned beggar-my-neighbour Ireland, and then did the same, while insisting it had not.

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Denmark, Austria and Greece have followed suit. Bankrupt Iceland has called on trade unions to repatriate pension funds to throw into the black hole that used to be the economy. As queues form outside London bullion dealers, we are seeing a breakdown of public trust in the banking system, and public trust is the one thing banks need to survive. Banking depends on a kind of benign confidence trick.

They make their profits by lending out money they do not actually have - it is called fractional reserve banking. At any one time, a bank will have loans that far exceed its deposits. But the trick only works under certain conditions: if depositors can be persuaded not to withdraw their funds at the same time; if the banks are honest about their reserves; and if the assets they hold retain their value. At present, none of these conditions is being satisfied. There is worse to come.

The next stage will be corporate collapse as companies find they can't roll over loans from banks hoarding whatever cash they still have.