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Index
Cover
Contents
Title
Copyright
Dedication
Preface
Acknowledgments
Introduction : Endgame
Part One : The End of the Debt Supercycle
Chapter 1 : The Beginning of the End
How Did the Debt Supercycle Come About?
Private Deleveraging and Public Leveraging Up
Chapter 2 : Why Greece Matters
What Does Greece Mean to Me, Dad?
Chapter 3 : Let’s Look at the Rules
Six Impossible Things
Delta Force
Killing the Goose
But It’s More Than the Deficit
Not Everyone Can Run a Surplus
Pity the Greeks
The Competitive Currency Devaluation Raceway
Final Thoughts...
Chapter 4 : The Burden of Lower Growth and More Frequent Recessions
Three Structural Changes
Lower Growth, Fewer Jobs, Bigger Deficits, Lower Returns
Chapter 5 : This Time Is Different
A Crisis of Confidence
It’s the Deleveraging, Stupid!
Some Parting Words from Rogoff and Reinhart
Chapter 6 : The Future of Public Debt
A Bit of Background
Drastic Measures
The Future Public Debt Trajectory
Debt Projections
The Challenge for Central Banks
Bang, Indeed!
The Center Cannot Hold
Who Takes the Loss?
Chapter 7 : The Elements of Deflation
The Supertrend Puzzle
The Elements of Deflation: What Deflation Looks Like
The Velocity of Money
A Slowdown in Velocity
The Roadmap Ahead: Bernanke’s Helicopter Speech
There Are No Good Choices
Chapter 8 : Inflation and Hyperinflation
A Dose of Inflation
The Characteristics of Hyperinflations
The Dangers of Inflation
The Problems of Inflation
Hyperinflation in the United States?
Part Two : A World Tour: Who Will Face Endgame First?
Chapter 9 : The United States
Yes, We’re Screwed
Congress: Blind, Ignorant, and Indifferent
What Does It All Mean?
The Kindness of Strangers
Endgame for the United States
The Present Contains All Possible Futures
Some Policy Suggestions
Chapter 10 : The European Periphery
The Euro: A Suboptimal Currency Union
Some Countries Recover; Others Don’t
Chapter 11 : Eastern European Problems
Hungary: Damned If They Do, Damned If They Don’t
The Baltics: How to Destroy Your Economy and Keep Your Peg
Chapter 12 : Japan
The Mother of All Bubbles
Japanese Government: Spending Money Like There Is No Tomorrow
Japan’s Endgame
Chapter 13 : The United Kingdom
The United Kingdom Economy: Not as Safe as Houses
Northern Rock: A Modern Bank Run
The United Kingdom’s Endgame: Higher Inflation Ahead
Chapter 14 : Australia
The Lucky Country
A House of Cards
Chapter 15 : Unintended Consequences
Bubbles in Emerging Markets
Difficult Choices
Conclusion: Investing and Profiting from Endgame
Epilogue: Some Final Thoughts
Notes
About the Authors
Index
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