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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.
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