A Bubble That Broke the World Garet Garrett,
Publisher: Cosimo Classics
ISBN: 1596056487
DDC: 330
Edition: Paperback; 2005-12-01
Summary:
The burden of Europe's private debt to this country is now greater
than the burden of her war debt; and the war debt, with arrears of
interest, is greater than it was the day the peace was signed. And it
is not Europe alone. Debt was the economic terror of the world when
the war ended. How to pay it was the colossal problem. -from
"Cosmology of the Bubble" The names of the players are different, but
these cautionary essays about massive national debt-written in the
long wake of World War I and as the Great Depression was starting to
make its horrible power fully known-are still fully applicable today.
A powerful libertarian voice of the early 20th century, Garet
Garrett, writing originally in the Saturday Evening Post, warned
about the extension of American credit to a Europe staggering under a
massive debt leftover from the financing of World War I... a
situation echoed, if reversed, today as the overextended United
States continues her rampant borrowing. Collected in book form,
Garrett's writings are a cry for a retreat from financial insanity, a
clear-eyed look at a complicated and little understood era of
financial history, and perhaps an ominous warning for today. American
journalist GARET GARRETT (1878-1954) also wrote The American Omen
(1928), Rise of Empire (1941), and Garet Garrett's: The People's
Pottage (later retitled Ex America) (1951).
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