The New Depression: The Breakdown of the Paper Money Economy

Praise for The New Depression

"The economic philosophies of John Maynard Keynes and Ludwig von Mises are obsolete. The world needs a new economist with a new economic philosophy. Richard Duncan is that new worldly economist. For years, I have recommended everyone read his books, The Dollar Crisis and The Corruption of Capitalism. Richard's latest book, The New Depression, is more than recommended reading. It is essential reading."
--Robert Kiyosaki, founder of the Rich Dad Company and Cashflow Technologies, Inc.

"Richard Duncan makes a strong case for paying greater attention to the role of credit creation in understanding macroeconomic performances. He makes an even stronger case for aggressive government borrowing and spending in those areas that are critical for the society's future when the private sector is unable to perform that role. This view is particularly relevant at present when private sectors in so many countries are faced with seriously impaired balance sheets following their involvement in housing bubbles. With the private sector no longer maximizing profits but minimizing debt instead, a failure to implement Richard Duncan's fiscal policy recommendations may well result in an unnecessary implosion of the world economy."
--Richard Koo, Chief Economist, Nomura Research Institute, Tokyo

"Richard Duncan's The New Depression is firstly a masterful analysis of how the credit bubble expanded and why conventional economics failed, leaving policymakers asleep at the switch. Credit, as Duncan explains, was left totally unmoored by the ending of the gold reserve requirement and by changes that allowed banks to create credit almost at will. His Quantity Theory of Credit is compelling, and once accepted, his accounting of how the depression plays out is frightening and all too believable. This book will open your eyes and leave you clutching your wallet."
--James Saft, columnist, Reuters, with works appearing in the International Herald Tribune