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The Committee to Destroy the World: Inside the Plot to Unleash a Super Crash on the Global Economy, 2nd Edition


Inside the plot to unleash a Super Crash on the global economy—from the credit expert who predicted the last two collapses.

Praise for The Committee to Destroy the World

"In an era of books on the financial crisis, this one is a significant standout. A bold cry for reform from an outspoken writer who is not afraid to call things as he sees them."
—LEON G. COOPERMAN, Chairman & CEO, Omega Advisors

"Michael has been helping investors navigate the boom and bust cycle of markets in his newsletter for years. He deals with the world as it is, not as we would like it to be, and he has done so here in his new book. So pour some coffee; put your feet up; read the book and be materially the wiser for having done so."
—DENNIS GARTMAN, Publisher, The Gartman Letter

"Michael does an amazing job of laying bare the facts on what got us here and what continues to ail us."
—PETER BOOCKVAR, Chief Market Analyst, The Lindsey Group

"Michael Lewitt has a front-row seat with which to watch the unmitigated disaster being brewed by central banks everywhere. He also has the rare gift to describe what he is seeing in clear terms and an amazing breadth of scores of factors that impinge on the world of economics and finance. When Michael writes, his work immediately goes to the top of my list."
—JOHN MAULDIN, Chairman, Mauldin Economics

"Captures the zeitgeist of the era of easy money and fiscal inertia over the last decade. Through detailed research and provocative prose, the author explains how rationality wilted and was sedated."
—DOUG KASS, President, Seabreeze Partners Management

"This sensational piece of research screams out 'forewarned is forearmed,' and even those who are faint of heart owe it to themselves to read it."
—DAVID ROSENBERG, Chief Economist & Strategist, Gluskin Sheff

Michael E. Lewitt is widely recognized as one of the top credit strategists in the world. He's been a major player in the money management business for more than 25 years, and his Third Friday Total Return Fund ranks among the best in the hedge fund industry. The Financial Times recognized him as one of the few analysts to correctly predict both the credit crisis of 2001-02 and the financial crisis of 2007-08. Since 2001, Michael's The Credit Strategist newsletter has influenced many of the world's leading investors. He also writes Sure Money and contributes to Money Morning.

Acknowledgments xi

Introduction The Committee to Destroy the World 1

Chapter 1 The 2008 Crisis--Tragedy or Farce? 57

Chapter 2 The Death of Capital 93

Chapter 3 Capital Ideas 109

Chapter 4 Empty Promises 145

Chapter 5 Financialization 163

Chapter 6 From Innovators to Undertakers 181

Chapter 7 Welcome to Jurassic Park 225

Chapter 8 The Road to Hell 259

Chapter 9 Finance after Armageddon 277

Chapter 10 Unfinished Business 317

Chapter 11 How to Save Yourself 339

Conclusion “This Is Later” 359

Notes 367

Bibliography and Other Sources 397

About the Author 405

Index 407