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The Great Money Binge: Spending Our Way to Socialism

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The Great Money Binge: Spending Our Way to Socialism Cover

 

Synopses & Reviews

Publisher Comments:

Prestigious newspaper editor George Melloan, who worked for The Wall Street Journal for more than half a century, is no stranger to the wild ups and downs of the American and world economies. This brilliantly argued book explains — using detailed examples from the Crash of 1929 and from the Carter era — how government intervention actually prevents the economy from recovering its natural balance. Unless lawmakers realize the true importance of using supply-side economics in our current crisis, warns Melloan, nothing will save us from a new era of disastrous inflation and widespread global depression.

Citing the importance of historical example, Melloan explains how the world of economics was completely changed in the 1930s under the influence of English economist John Maynard Keynes. His theories advocating government interventionist policies were wholeheartedly adopted as a response to the Great Depression, and remained unquestioned until the supply-side revolution of 1980, after the stagflation of the 1970s showed the inherent weaknesses of neo-Keynesian economics. By employing what is sometimes called Reaganomics, President Ronald Reagan and his economic advisers sparked a quarter century of unparalleled prosperity. Unfortunately, as Melloan demonstrates, government policy soon began to revert to Keynesian theories, even though they are widely misunderstood and misapplied.

Now, with the Crash of 2008, our new president and government appear committed to ignoring the lessons of the past. With multibillion-dollar stimulus packages becoming the norm, and a multitrillion-dollar national debt that will keep growing so long as present policies are continued, America can look forward to a very grim future indeed.

There is only one solution: we must return to our eroded supply-side principles. In the face of general misunderstanding, the vastly experienced Wall Street Journal editor George Melloan outlines a lucid and detailed explanation of exactly why we are currently sinking so rapidly, how this crisis compares to similar situations in the past, and exactly what must be done to return the United States to the economic vitality it enjoyed not so long ago.

Synopsis:

Retired "Wall Street Journal" deputy editor Melloan calls for a return to the successful supply-side revolution instead of Keynesian economics.

Synopsis:

According to George Melloan—retired Wall Street Journal editor after more than five decades—the erosion of supply-side economic principles began shortly after Ronald Reagan left office, when his successor, George H.W. Bush, caved in to pressures from Congress and reneged on his campaign promise to not raise taxes. Bush, who once called supply-side “voodoo economics,” seemed to forget that during his eight years as Reagan’s Vice President that Reaganomics was transforming America into a dynamic entrepreneurial society. The prosperous 1990s saw a gradual return of Keynesian ideas and policies that were the catalyst for the credit bubble and the current economic downturn.

The genuine prosperity of the preceding two decades slowly morphed into a false sense of wealth, brought about by excessive dependence on credit by both the public and private sector. When the credit bubble burst, the economy collapsed. In short, policy makers dismissed sound classical economics and instead relied on the false promise of Keynesianism, the theory that the government itself can generate prosperity through easy credit and heavy government spending. Offering enlightening answers in an uncertain time, The Great Money Binge not only traces the failures of Keynesian policies and past administrations, but outlines a clear, authoritative solution: a return to supply-side economics and a rejection of the trendy but ultimately disastrous stimulus packages, which will only lead to a new era of inflation and global depression.

Synopsis:

According to George Melloan—retired Wall Street Journal editor after more than five decades—the erosion of supply-side economic principles began shortly after Ronald Reagan left office, when his successor, George H.W. Bush, caved in to pressures from Congress and reneged on his campaign promise to not raise taxes. Bush, who once called supply-side “voodoo economics,” seemed to forget that during his eight years as Reagan’s Vice President that Reaganomics was transforming America into a dynamic entrepreneurial society. The prosperous 1990s saw a gradual return of Keynesian ideas and policies that were the catalyst for the credit bubble and the current economic downturn.

The genuine prosperity of the preceding two decades slowly morphed into a false sense of wealth, brought about by excessive dependence on credit by both the public and private sector. When the credit bubble burst, the economy collapsed. In short, policy makers dismissed sound classical economics and instead relied on the false promise of Keynesianism, the theory that the government itself can generate prosperity through easy credit and heavy government spending. Offering enlightening answers in an uncertain time, The Great Money Binge not only traces the failures of Keynesian policies and past administrations, but outlines a clear, authoritative solution: a return to supply-side economics and a rejection of the trendy but ultimately disastrous stimulus packages, which will only lead to a new era of inflation and global depression.

About the Author

George Melloan retired in after a 54-year writing and editing career at The Wall Street Journal. In his last assignment he was Deputy Editor, International, of the editorial page and author of a weekly op-ed column titled Global View. He moved to New York in 1962 to join the Journal’s Page One department as an editor and rewrite specialist. From 1966 to 1970 he was a foreign correspondent based in London, covering such major stories as the Six-Day War in the Middle East, the Biafran War in Nigeria and an attempted economic reform in the Soviet Union.

 After joining the editorial page in New York in 1970, Mr. Melloan became deputy editor in 1973. In 1990, he took responsibility for the Journal’s overseas editorial pages, writing editorials and columns for the Journal’s foreign and domestic editions about such momentous events as the collapse of the Soviet Union and the open door policy that brought billions of foreign investment into China, fueling its enormous economic growth over a period of 25 years.

Mr Melloan was winner of the Gerald Loeb award for distinguished business and financial journalism in 1982 and twice in the 1980s won the Daily Gleaner award of the Inter-American Press Association for his writings about the rising Soviet influence in Central America. In 2005, he received the Barbara Olson Award for excellence and independence in journalism from The American Spectator.

 He and his wife, Jody, live in Westfield, N.J. In 1978, they authored “The Carter Economy,” (John Wiley) an analysis of the  prospects for the Carter administration based on its performance in its first year in office. They have three children and one grandchild. Mr. Melloan is a member of the Council on Foreign Relations and the Dutch Treat Club in New York. He still writes occasionally for the Journal.

Product Details

ISBN:
9781439164075
Author:
Melloan, George
Publisher:
Threshold Editions
Subject:
Economic History
Subject:
Economics - General
Subject:
Monetary policy -- United States.
Subject:
United States - Economic policy - 2001-
Subject:
Economic Conditions
Subject:
General Business & Economics
Subject:
Business-History and Biography
Copyright:
Publication Date:
20091131
Binding:
HARDCOVER
Language:
English
Pages:
304
Dimensions:
9.25 x 6.12 in 16.765 oz

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Related Subjects

Business » History and Biographies
History and Social Science » Economics » General
History and Social Science » Economics » US Economy

The Great Money Binge: Spending Our Way to Socialism Used Hardcover
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Product details 304 pages Threshold Editions - English 9781439164075 Reviews:
"Synopsis" by , Retired "Wall Street Journal" deputy editor Melloan calls for a return to the successful supply-side revolution instead of Keynesian economics.
"Synopsis" by , According to George Melloan—retired Wall Street Journal editor after more than five decades—the erosion of supply-side economic principles began shortly after Ronald Reagan left office, when his successor, George H.W. Bush, caved in to pressures from Congress and reneged on his campaign promise to not raise taxes. Bush, who once called supply-side “voodoo economics,” seemed to forget that during his eight years as Reagan’s Vice President that Reaganomics was transforming America into a dynamic entrepreneurial society. The prosperous 1990s saw a gradual return of Keynesian ideas and policies that were the catalyst for the credit bubble and the current economic downturn.

The genuine prosperity of the preceding two decades slowly morphed into a false sense of wealth, brought about by excessive dependence on credit by both the public and private sector. When the credit bubble burst, the economy collapsed. In short, policy makers dismissed sound classical economics and instead relied on the false promise of Keynesianism, the theory that the government itself can generate prosperity through easy credit and heavy government spending. Offering enlightening answers in an uncertain time, The Great Money Binge not only traces the failures of Keynesian policies and past administrations, but outlines a clear, authoritative solution: a return to supply-side economics and a rejection of the trendy but ultimately disastrous stimulus packages, which will only lead to a new era of inflation and global depression.

"Synopsis" by , According to George Melloan—retired Wall Street Journal editor after more than five decades—the erosion of supply-side economic principles began shortly after Ronald Reagan left office, when his successor, George H.W. Bush, caved in to pressures from Congress and reneged on his campaign promise to not raise taxes. Bush, who once called supply-side “voodoo economics,” seemed to forget that during his eight years as Reagan’s Vice President that Reaganomics was transforming America into a dynamic entrepreneurial society. The prosperous 1990s saw a gradual return of Keynesian ideas and policies that were the catalyst for the credit bubble and the current economic downturn.

The genuine prosperity of the preceding two decades slowly morphed into a false sense of wealth, brought about by excessive dependence on credit by both the public and private sector. When the credit bubble burst, the economy collapsed. In short, policy makers dismissed sound classical economics and instead relied on the false promise of Keynesianism, the theory that the government itself can generate prosperity through easy credit and heavy government spending. Offering enlightening answers in an uncertain time, The Great Money Binge not only traces the failures of Keynesian policies and past administrations, but outlines a clear, authoritative solution: a return to supply-side economics and a rejection of the trendy but ultimately disastrous stimulus packages, which will only lead to a new era of inflation and global depression.

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