There is an unexploded bomb in the global financial system, threatening to bring the greatest disruption to the lives of people since the Depression on the 1930s. This potential explosion has been created by dereliction of duty by the world’s largest central banks, which have helped to create an unsustainable illusion of personal wealth and national prosperity, exposing the public to uninsurable risks in the process. This volume looks at how this economic timebomb has been created by unchecked credit expansion and the potential havoc it could wreak.
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Good Discussion @ Mises Institute Website Robert Blumen discusses Peter Warburton’s “Debt and Delusion: Central Bank Follies that Threaten Economic Disaster” at the Ludwig von Mises Institute Website.”Published in 1999, the work rapidly went out of print but has since become a cult classic among financial contrarians. Although not written from an Austrian point of view, the argument parallels an Austrian view of money and banking in many aspects. My purpose in writing this article is to present Warburton’s main argument…
A tour de force If someone were to say to me, “Prove that the 2007-2009 financial crisis had its origins long before George Bush, Alan Greenspan, the 2001 rate cuts, subprime mortgages and greedy Wall Street CEOs” I would have them read this book. Written in 1999, it’s staggering how much Peter Warburton, who I had never heard of before reading this book, understood. It’s dense but fairly short, less than 300 pages not counting appendices. One of his key insights is explaining how the credit growth of the…