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BEYOND THE KEYNESIAN ENDPOINT: CRUSHED BY CREDIT AND DECEIVED BY DEBTCRESCENZI T. / HOW TO REVIVE THE GLOBAL ECONOMYwydawnictwo: PEARSON, 2011, wydanie Icena netto: Beyond the Keynesian EndpointCrushed by Credit and Deceived by Debt — How to Revive the Global Economy During the Great Depression, legendary British economist Keynes advocated using government money to fill the economic void until consumer spending and business investment recovered. But what happens when governments can't do that anymore? You've arrived at "The Keynesian Endpoint": when the money has run out before the economy has been rescued. That's where we are. Exhausted balance sheets leave policy makers with few viable options to bolster economic growth; increasingly, they point leaders and citizens towards brutal choices that were previously unimaginable. Meanwhile, investors struggle to navigate volatile markets overwhelmed by sovereign debt—and, as they do, they lose tolerance for fiscal recklessness. In the U.S. and around the world, debt-fueled spending programs devised to cure the global financial crisis are now morphing into poison. In Beyond The Keynesian Endpoint, PIMCO Executive Vice President and market strategist Tony Crescenzi illuminates the mounting sovereign debt crisis, dissects each of the many scenarios now swirling around it, and reveals the profound implications for governments, investors, and the world economy. Tony Crescenzi is Executive Vice President, Market Strategist, and Portfolio Manager for PIMCO, a leading global investment management firm. He was previously Chief Bond Market Strategist at Miller Tabak, where he worked for 23 years. Crescenzi appears regularly on CNBC and Bloomberg, has guest-hosted Squawk Box, and has taught at Baruch College’s executive MBA program for 10 years. He has 28 years of investment experience and holds an MBA from St. John’s University and an undergraduate degree from the City University of New York. His books include Investing from the Top Down, the recent Fourth Edition of Marcia Stigum’s 1,200-page classic The Money Market, and The Strategic Bond Investor, Second Edition. Table of Contents Introduction: Reaching the Keynesian Endpoint 1 Chapter 1 Beware the Keynesian Mirage 9 Chapter 2 The 30-Year American Consumption Binge 39 Chapter 3 How Politicians Carry Out Fiscal Illusions, Deceive the Public, and Balloon Our Debts 81 Chapter 4 The Biggest Ponzi Scheme in History: The Myth of Quantitative Easing 113 Chapter 5 How the Keynesian Endpoint Is Changing the Global Political Landscape 141 Chapter 6 Age Warfare: Gerontocracy 153 Chapter 7 The Hypnotic Power of Debt 187 Chapter 8 When is being in Debt a Good Thing? 217 Chapter 9 The Investment Implications of the Keynesian Endpoint 229 Chapter 10 Conclusion: The Transformation of a Century 271 Endnotes 275 Index 291 304 pages, Hardcover
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