This set of book reviews originally appeared in the July 2008 issue of the HS Dent Forecast month and cover a wide variety of topics: financial bubbles, pension funding, healthcare, immigration, population control, and of course, age demographics. Before your next trip to the beach, make a stop by the bookstore and toss one of these in your bag.
We will start our summer reading list with George Soros’s most recent book, The New Paradigm for Financial Markets. In the opening pages, Soros gives a good history and analysis of the 2007-2008 credit bubble and crisis using some rather sobering language:
We are in the midst of a financial crisis the likes of which has not been seen since the Great Depression of the 1930s. To be sure, it is not the prelude to another Great Depression. History does not repeat itself. The banking system will not be allowed to collapse as it did in 1932 exactly because its collapse then caused the Great Depression. At the same time, the current crisis is not comparable to the periodic crises which have afflicted particular segments of the financial system since the 1980s…. This crisis is not confined to a particular firm or a particular segment of the financial system; it has brought the entire system to the brink of a breakdown, and it is being contained only with the greatest difficulty. This will have far-reaching consequences. It is not business as usual but the end of an era.