Think the recession is over? Think again. Seven years ago, columnist Vox Day predicted that the collapse of the housing and credit markets would shake the very foundations of the global financial system. Events proved him right. Now the "Internet Superintelligence" is warning that despite the turmoil of the last two years, we haven't seen anything yet. In The Return of the Great Depression, Day explains how the world is still in the early stages of an ongoing economic contraction of massive proportions. In addition to providing ten reasons the Great Depression 2.0 will be wider, deeper, and longer than its predecessor, he shows why most economists were unable to foresee the crisis unfolding... and why they remain incapable of recognizing its extent. Day's contrarian case is based on extensive historical analysis combined with a sophisticated understanding of economic theory, and is written from the perspective of an eyewitness to the irrational exuberance preceding Japan's Lost Decades. The Return of the Great Depression is a must-read for anyone who is concerned about the long-term fate of his job, his net worth, or his nation.
Synopsis
In this sophisticated yet readable book, Vox Day - one of the few economics writers to predict the current worldwide financial crisis - explains why it is likely to continue. Day shows that the policies being pursued in Europe, Asia, and the United States are very similar to Japan's failed policies of the past twenty years and, therefore, doomed to similar results. According to Day, the economic theories behind those policies are flawed and account for why most economists were unable to anticipate the recession or see that their expectations of an imminent recovery are incorrect. Day applies a different theory, the one he used to predict the current crisis, to show that the world is in the early stages of a massive economic contraction. Then he turns to the six scenarios presently envisioned by the world's leading economists and assesses which is most likely to unfold. As the title suggests, Day concludes that the most probable scenario is a Great Depression 2.0 that will be larger in scale and scope than that of the 1930s.
About the Author, Vox Day
Vox Day graduated in 1990 from Bucknell University with degrees in Economics and Asian Studies. He is a member of the Science Fiction and Fantasy Writers Association, the International Game Developers Association, and Mensa, and helped found the techno band Psykosonik. In addition to his weekly columns, he transmits contagious and controversial memes daily from the Vox Popoli blog.
