Buy Empire of Debt

Empire of Debt: The Rise Of An Epic Financial Crisis
by Bill Bonner, Addison Wiggin

10 Great Delusions That Will Erode Your Wealth

Baltimore, MD – “Watching the news is a bit like watching a bad opera,” so say bestselling authors Bill Bonner and Addison Wiggin. “You can tell from all the shrieking that something very important is supposed to be happening, but you don’t quite know what it is. What you’re missing is the plot.”

The highly anticipated Empire of Debt: The Rise of an Epic FinancialCrisis (Wiley; November 2005; $27.95; 0471739022; Cloth), Bonner and Wiggin’s follow-up to their international bestseller, Financial Reckoning Day, comes at a critical time for the nation’s economy; a time when Americans are searching for the answers to pervasive questions of the day:

• Why is it so difficult to make money in the sluggish stock market?
• Why is public debt skyrocketing?
• Why do we keep involving ourselves in expensive wars overseas?
• Why is the real estate market so dangerously overvalued?

After a generation of being spoon-fed reality by tabloid-driven media, it’s understandable that Americans are woefully misinformed about the state of their nation. And that’s where Bonner and Wiggin prove their worth, wielding their sardonic brand of humor to expose the nation for what it really is – an empire built on delusions.

Using the wide scope of history as a guide, Empire of Debt unmasks the Ten Great Delusions that are destined to bring about the end of America’s economic dominance:

• That one generation can consume – and stick the next with the bill.
• That house prices will forever go up.
• That the virtues that made America rich and powerful are no longer required to keep it rich and powerful.

Empire of Debt does not spare the icons of either political party as it provides readers with the first in-depth look at how the American character has shifted to accommodate its new imperial role. Americans, assert Bonner and Wiggin, have abandoned the private virtues of personal liberty, economic freedom, and fiscal restraint. Meanwhile, the “guv’mint” has gained control of public life and the economy.

The authors suggest a “great empire” is to the world of geopolitics what a great bubble is to the world of economics – attractive at first but will eventually end in catastrophe. Americans are rapidly facing a choice:recognize these dangerous delusions and take steps to avoid their collapse… or remain ignorant of them and risk losing all of their wealth when the house of cards comes crashing down.

Empire of Debt offers an essential guide for steering readers’ through the rough head winds allied against individual investors in the decade ahead.

Purchase Empire of Debt by Bill Bonner and Addison Wiggin today!

The noted empire scholar, Professor Niall Ferguson, despite being on a book deadline himself, had these kind words to say about our book: “[Empire of Debt] is a book that is certainly asking the right question about America’s fiscally over-stretched empire.”

We discovered yesterday that there is no copyright on the image of Uncle Sam used by Army recruiters in World War I (which can be seen here: Uncle Sam Wants YOU! )

Since that time, Uncle Sam has, “become the most widely recognizable symbol of the United States,” according to the Library of Congress Web site. It goes on to say:

“Originally published as the cover for the July 6, 1916, issue of Leslie’s Weekly with the title ‘What Are You Doing for Preparedness?’ this portrait of ‘Uncle Sam’ went on to become–according to its creator, James Montgomery Flagg – ‘the most famous poster in the world.’ Over four million copies were printed between 1917 and 1918, as the United States entered World War I and began sending troops and matériel into war zones.

“Flagg (1877-1960) contributed forty-six works to support the war effort. He was a member of the first Civilian Preparedness Committee organized in New York in 1917 and chaired by Grosvenor Clarkson. He also served as a member of Charles Dana Gibson’s Committee of Pictorial Publicity, which was organized under the federal government’s Committee on Public Information, headed by George Creel.

“Because of its overwhelming popularity, the image was later adapted for use in World War II. Upon presenting President Franklin Delano Roosevelt a copy of the poster, Flagg remarked that he had been his own model for Uncle Sam to save the modeling fee.

“Uncle Sam is one of the most popular personifications of the United States. However, the term ‘Uncle Sam’ is of somewhat obscure derivation. Historical sources attribute the name to a meat packer who supplied meat to the army during the War of 1812 – Samuel (Uncle Sam) Wilson (1766-1854). ‘Uncle Sam’ Wilson was a man of great fairness, reliability, and honesty, who was devoted to his country – qualities now associated with “our” Uncle Sam. James Montgomery Flagg (1877-1960).

“With the storm of war brewing behind her, a personification of America sleeps. She wears a Phrygian cap, a symbol of liberty since Roman times. This poster tells all of America to wake up and do their part for the war effort.”

As you may have noticed, we thought it fitting that the image coincided roughly with America’s “Will to Empire” and brazenly applied it to our own promotional campaign for Empire of Debt.

A reader writes:Dear Sirs,

If ‘Empire of Debt’ is in competition with Oprah’s book club…why don’t you also send a copy to Oprah for review?Perhaps she’ll put it on her list, millions of lumps will read it because its on the list; perhaps she’ll discuss it on her show…even invite you all to discuss it with her. Okay, so maybe being on Oprah isn’t your wildest dream but you might have a better shot at getting her to pay attention, and through her get the country to pay attention, than congress – sad to say but true. Either way, it is worth a shot.

With admiration I am,

Sincerely,

Mickie B. Whitley
Brooklyn, NY

Mickie, we’re on it. Of course, we expect to get about as much reaction from Oprah as we got from the Senator on the Senate Finance Committee, yesterday. But who knows? Maybe Oprah is due to discover she’s a closest Essentialist.

Stayed tuned…

Title: Empire of Debt: The Rise Of An Epic Financial Crisis
Authors: Bill Bonner, Addison Wiggin
Hardcover: 320 pages
Publication Date: November 2005
ISBN: 0-471-73902-2

BILL BONNER is the founder and president of Agora Financial, one of the world’s most successful consumer newsletter publishing companies, and the author of the free daily e-mail “The Daily Reckoning”. Since the early 1990s, Bonner has vigorously expanded from Agora’s home base in Baltimore, opening offices in London, Paris, Bonn, Waterford, Ireland, and Johannesburg, South Africa.Bonner is the author, with Addison Wiggin, of New York Times business bestseller Financial Reckoning Day: Surviving The Soft Depression of The 21st Century (Wiley).

ADDISON WIGGIN is editorial director and publisher of The Daily Reckoning. He is also the author of the recently released Wall Street Journal and New York Times bestseller, The Demise of the Dollar…and why it’s great for your investments.