Essay: Concepts in ‘Empire of Debt’

21 Jan

Essay: Concepts in ‘Empire of Debt’

Sample Essay

The prominent words in the analysis of the book are debt, empire and imperials. While the American financial system seems tagged by the never ending debt burden which led to the economy’s collapse, there is a massive trade deficit problem. Expenditures are rising and so are the delusions. It is these delusions that do not let the citizens nearer to the truth. Who are forming these delusions? Is it the hard working government? The answer is yes.

The ground is all set up for the future generations to be bankrupted even before they think about making money. In 2008 a whole range of large banks in U.S became bankrupt along with the mortgage companies. House prices fell, stock market plunged and securities were resold as their worth accounted to zero. How and why did it happen? Is it still happening? Is there something done for the better or for the worse? Historical references and statistics show the horrible truth. The writers introduce us to four deficits; budget, personal savings, trade and leadership currently swamping the economy. Surprised? Well there is a lot to be about till we reach the end of the chapter. Once through with the eye opening research arguments and insights, all of these are backed by interviews from great financial figures such as former treasury secretaries’ Warren Buffett, Paul O’Neill, Robert Rubin; Pete Peterson, CEO of The Blackstone Group; Congressman Ron Paul (R-Texas); and Bill Bonner.

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