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Endless Money: The Moral Hazards of Socialism

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Praise for Endless Money

"William Baker's Endless Money is a fact filled, grown up, deadly serious essay on the dangers of government grown and growing too large. His observations on the costs of taxation and dangers to our liberties as well as our prosperity are must reading."—Grover Norquist, founder and President, Americans for Tax Reform

"At last, a meaningful, insightful analysis that clearly explains why the country is on the wrong path, and what we can do about it."—James Turk, founder, GoldMoney.com

"Endless Money by William Baker offers an encyclopedic account of the 1971 decision to separate the dollar from gold. Fiat money, based on a floating scale, has introduced unprecedented inflation and a dollar in disrepair. Mr. Baker's book is an antidote to the affliction of a weak dollar since he argues perceptively for change that sensible people can believe in."—Herbert London, President, Hudson Institute

"No old homilies here—Bill Baker takes no prisoners in this engaging analysis of what went wrong in American finance. Read this book—his call for action is absolutely riveting."—Sydney Finkelstein, Professor, Tuck School of Business at Dartmouth; author of bestsellers Think Again: Why Good Leaders Make Bad Decisions and How to Keep It From Happening to You and Why Smart Executives Fail

"Bill has repeatedly demonstrated an ability to discover tremendous investment opportunities that were not in mainstream institutional research. His ability to tear apart complex situations and go against the crowd has yielded some of our best growth ideas for over a decade, regardless of whether we were in a bull or bear market or if growth or value strategies were in vogue. He is one of the best analysts on the street!"—Jerome Dodson, founder, Parnassus Investments

"Bill's thinking is deep and extremely broad in its scope and his conservative philosophy is unique, yet insightful and invigorating. His conclusions are, to say the least, controversial. Nonetheless they are needed now more than ever! I can't imagine anyone who wouldn't benefit from a thorough reading of Endless Money as well as a thoughtful re-reading of Bill's highly researched and far-reaching insights into our world of today."—Charles Knott, founder, Knott Capital Management


William Baker is the founder of Gaineswood Investment Management, Inc., where he has managed money since 1996. He has over 25 years of investment experience, including as a portfolio manager for Oppenheimer Funds. Baker received his master's in business administration from Dartmouth College and BA in economics from the University of Pennsylvania.

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Foreword.

Introduction.

Part 1: The Calm Before The Storm.

Chapter 1 Unknown Unknowns.

Chapter 2 Wings of Wax.

Part 2: Endless Money.

Chapter 3 The Rise & Fall of Hard Money.

Chapter 4 Flat-Earth Economics.

Chapter 5 Spitting into the Wind.

Chapter 6 Moral Hazard.

Part 3: Faux Class Warfare.

Chapter 7 The Rich are Different from You and Me.

Chapter 8 Sharecroppers.

Part 4: Assuming Power.

Chapter 9 The Heart of the Financial System.

Chapter 10 A Return to Malaise.

Chapter 11 Democracy: The Achilles' Heel of Capitalism?

Part 5: Socialism – Roman Style!

Chapter 12 From the Golden Era to Totalitarianism.

Chapter 13 Other Perspectives.

Part 6: The Obsolescence of Character.

Chapter 14 Bending to the Modern World.

Chapter 15 Self-Indulgence.

Chapter 16 The New Commandments.

Part 7: The Future.

Chapter 17 Elephants in the Room.

Chapter 18 The Elephant Killer – Gold.

Chapter 19 America Invicta.

Epilogue.

Notes.

About the Author.

Index.