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Index
Executive Summary
Acknowledgments
Preface to the Second Edition of Aftershock
Introduction: Your Guide to the Second Edition of Aftershock
Part I: First the Bubblequake, Next the Aftershock
Chapter 1: America’s Bubble Economy
Because Our First Two Books Were Right, Now You Can Be Right, Too
Didn’t Other Bearish Analysts Get It Right, Too?
How the “Experts” Got It Wrong
Predictions from Ben Bernanke and Henry Paulson—We Trust These Officials with Our Economy
Where We Have Been Wrong
Leave ’em Laughing
Chapter 2: Phase I: The Bubblequake
Bubbles “R” Us: A Quick Review of America’s Bubble Economy
From Boom to Bust: The Virtuous Upward Spiral Becomes a Vicious Downward Spiral
Pop Goes the Housing Bubble
Pop Goes the Stock Market Bubble
Pop Goes the Private Debt Bubble
Pop Goes the Discretionary Spending Bubble
The Biggest, Baddest, Bad Loan of Them All
Chapter 3: The Medicine Becomes Poison: Dangerous Inflation Ahead
What Is Inflation?
Printing Money Is Easy Short-Term Medicine for the Economy That Becomes Long-Term Poison in the Form of Inflation
Why Don’t More People See the Threat of Inflation? Because Inflation Is as Hard to See as the Housing Bubble Before It Popped
Many Experts Don’t See That We Are in a Bubble Economy So They Aren’t Worried About Inflation
The Arguments against Future Inflation Don’t Hold Up
How the Fed May Delay the Onset of Inflation
Exactly When Will Inflation Begin?
The Deeper Causes of Inflation
Chapter 4: Phase II: The Aftershock
The Dollar Bubble: Hard to See without Bubble-Vision Glasses
Think Like a Foreign Investor: How Much of This Will They Take?
The Government Debt Bubble Pops
Aftershock: All the Bubbles Fully Collapse
Where Did All This Begin? When Could It Have Been Stopped?
The Six Psychological Stages of Denial
Is There Any Scenario for a Soft Landing?
Chapter 5: Global Mega-Money Meltdown
The United States Will Suffer the Least
Think of the World’s Bubble Economy in Two Categories: Manufacturing and Resource Extraction
How the Bursting Bubbles Will Impact the World
A Closer Look at China’s Current Bubble Economy: This Dragon Is More Smoke Than Fire
If the World’s Bubble Economy Is Hit Harder Than the U.S. Bubble Economy, Won’t That Be Good for the Dollar?
If the Rest of the World Is Collapsing, Won’t That Be Good for Gold?
International Investment Recommendations
Part II: Aftershock Dangers and Profits
Chapter 6: Covering Your Assets
This Is Not a Down Market Cycle; It’s a Big Multibubble Pop, Pop, Pop
Long Term versus Short Term
Rule Number One: Get Ready to Exit Stocks
Rule Number Two: Stay Away from Real Estate Until After the Dollar Bubble Pops
Rule Number Three: Stay Away from Long-Term Bonds
What about Municipal Bonds?
Where’s the Best Place to Stash Cash?
How Long Do I Have to Follow These Three Rules?
Letting Go Is Hard to Do
What to Do If You Sort of Believe Us, but Not 100 Percent
What Else Can I Do to Protect Myself?
What about Retirement?
What about Bankruptcy?
Remember, Your Net Worth Is Not Your Self Worth
Chapter 7: Cashing in on Chaos
Plenty of Profit Opportunities, but They Will Feel Quite Uncomfortable, Even Scary at Times
Best Short-Term and Long-Term Aftershock Investments
In the Short Term, the Key Is Protection, Protection, Protection!
In the Long Term, the Key Is to Take Advantage of a Falling Stock Market and a Falling Dollar
Be Careful with Commodities (Other than Precious Metals, Such as Gold)
Gold Is a Great Aftershock Investment Because It Takes Advantage of a Falling Dollar, a Falling Stock Market, and a Falling World Economy
What if the Environment for Gold Turned Positive?
Will Gold Be Confiscated or Become Illegal, as It Was During the Great Depression?
Leveraging Gold
The Future Gold Bubble: The Biggest, Baddest Bubble of All
How Will Other Investment Vehicles, Such as Life Insurance, Annuities, and Collectibles Perform?
Putting It All Together: Aftershock in Action
Chapter 8: Aftershock Jobs and Businesses
This Ain’t Your Daddy’s Economic Slowdown
The Capital Goods Sector (Autos, Construction, Major Industrial Equipment, and So On)
The Discretionary Spending Sector (Travel, Restaurants, Entertainment, etc.)
Some Limited Good News: The Necessities Sector (Health Care, Education, Food, Basic Clothing, Transportation, Government Services, and Utilities)
Big Opportunities after the Bubbles Pop: Cashing in on Distressed Assets
Chapter 9: Understanding Our Problems Is the First Step Toward Solving Our Problems
If You Don’t Understand Why an Economy Grows, You Can’t Understand Why It Doesn’t Grow
You Need to See the Big Picture Before You Start to Focus
The Key Breakthroughs in the History of Economic Thought
Economics Needs a Breakthrough Idea, like Continental Drift
So Why Aren’t We Getting an Alfred Wegener or a Breakthrough Idea Like Continental Drift?
Economists Have Become Academia’s Version of Financial Cheerleaders
The Combination of the Demands to Get Tenure and the Rewards of the Good Life after Tenure Has Been a One-Two Punch to Creative Economic Thought
Where to Now? Answer: Economics Needs to Move from Being a Set of Competing Philosophies to Being a Science
Four Key Elements for Making Economics More of a Science
Where Do We Stand Today in Making This Transition?
The Economics Profession Does Not Want to Make the Transition
The Solution to the Lack of Interest in Making Such an Important Change in Economics
Chapter 10: Our Predictions Have Been Accurate, So Why Do Some People Still Dislike Them?
It’s Not a Cheerleading Book
It’s Not a Complex Book (Although It Is Based on Complex Analysis)
It’s Not a Crazy Book
It’s Not an Academic Book
It’s Not Suggesting Armageddon
It’s Not a Status Quo Book
Us versus the Comforters: How Aftershock Stacks Up Against Other Bearish Books
Epilogue
Appendix: Are the Stock and Gold Markets Manipulated?
Bibliography
Index
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