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Meltdown: A Free-market Look at Why the Stock Market Collapsed, the Economy Tanked, and the Government Bailout Will Make Things Worse [Hardcover]

Thomas E., Jr. Woods
4.2 out of 5 stars  See all reviews (8 customer reviews)
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Book Description

19 Mar 2009
If you are fed up with Washington boondoggles, and you like the small-government, politically-incorrect thinking of Ron Paul, then you'll love Tom Woods's Meltdown. In clear, no-nonsense terms, Woods explains what led up to this economic crisis, who's really to blame, and why government bailouts won't work. Woods will reveal: * Which brave few economists predicted the economic fallout--and why nobody listened * What really caused the collapse * Why the Fed--not taxpayers--should have to answer for the current economic crisis * Why bailouts are band-aids that will only provide temporary relief and ultimately make things worse * What we should do instead, to put our economy on a healthy path to recovery With a foreword from Ron Paul, Meltdown is the free-market answer to the Fed-created economic crisis. As the new Obama administration inevitably calls for more regulations, Woods argues that the only way to rebuild our economy is by returning to the fundamentals of capitalism and letting the free market work

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Product details

  • Hardcover: 194 pages
  • Publisher: Regnery Publishing Inc; 1 edition (19 Mar 2009)
  • Language: English
  • ISBN-10: 1596985879
  • ISBN-13: 978-1596985872
  • Product Dimensions: 23.4 x 15.8 x 2.2 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Bestsellers Rank: 390,174 in Books (See Top 100 in Books)

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Product Description

About the Author

Thomas E. Woods, Jr., Ph.D., is the New York Times bestselling author of The Politically Incorrect Guide to American History and How the Catholic Church Built Western Civilization. A senior fellow at the Ludwig von Mises Institute and a contributing editor of The American Conservative magazine, he and his family live in Alabama.Thomas E. Woods Jr. is a senior fellow at the Ludwig von Mises Institute in Auburn, Alabama. He is the author of nine books, including Who Killed the Constitution?: The Fate of American Liberty from World War I to George W. Bush (with Kevin R. C. Gutzman) and the New York Time bestseller The Politically Incorrect Guide to American History. Woods won the $50,000 first prize in the 2006 Templeton Enterprise Awards for The Church and the Market: A Catholic Defense of the Free Economy. Woods edited and wrote the introduction to four additional books, including Murray N. Rothbard's The Betrayal of the American Right and We Who Dared to Say No to War: American Antiwar Writing from 1812 to Now (with Murray Polner). He is also the author of Beyond Distributism, part of the Acton Institute's Christian Social Thought Series. Woods lives in Auburn, Alabama, with his wife and three daughters, and maintains a website at --This text refers to an out of print or unavailable edition of this title.

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Most Helpful Customer Reviews
24 of 24 people found the following review helpful
If you are an American, send a copy of this book to your congressman, senator, and the president along with a large campaign contribution. It's your only chance for economic revival!

Meltdown is the most useful book I've read about the great economic crisis of 2007-?. Unlike the politicians, the media, and the people who comment on markets, Meltdown points out that the current Obama program of massive bailouts and public spending will make the economic situation worse rather than better. In fact, President Obama runs the risk of becoming a new Herbert Hoover as he energetically follows the failed policies of that unpopular president.

What's the point that Austrian economics makes about our situation? When the economy tanks, the free market will quickly direct scarce resources into productive areas where there is plenty of demand for more. If the Federal Reserve and the Federal Government intervene, lots of money will go to those who make the biggest campaign contributions . . . permitting those who made a lot of bad decisions to make even more. Areas that could become more productive will be starved for capital while areas that are already unproductive will get more . . . wasting the resources.

What's the choice? Let the politicians and the Federal Reserve mess around and prolong the agony for years . . . or let the shoes drop where they may and enjoy a quick rebound (albeit following a more rapid drop in prices in the intermediate term).

Most of the book outlines the foolish mistakes that Democrats, Republicans, and the Federal Reserve made that got us into this mess. Most of that probably won't surprise you.
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6 of 6 people found the following review helpful
5.0 out of 5 stars This may make an Austrian of you 5 Jan 2010
Format:Hardcover|Verified Purchase
Tom Woods describes how the federal government not only created the very conditions for a collapse, but is now following the same policies of fiat money creation that will delay any recovery. He does this in a clear, simple and rather amusing way. Fundamentally, this is an indictment of non-commodity based money. He argues that we don't let the government set the price of bread, so why do we let them set the price of money as well as being the biggest counterfeiter in history? It is a compelling book.

For a fictional account of this theory of economics and politics, you may want to try this one Single Acts of Tyranny
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7 of 7 people found the following review helpful
5.0 out of 5 stars Essential reading 3 Jan 2011
Tom Woods' book Meltdown is a must for anyone wanting to understand the current economic recession as well as economics in general. Woods deals with some very serious topics in a manner that anyone can understand, but he does not omit vital information to do so. As Ron Paul points out in the foreword, a precious few people critically inspect the current economic system; they assume that the system is solid and only in need of a little tweaking. And, unfortunately, they are dead wrong. What they claim will set the economy on the right course will only increase the mess we see today.

This book begins with a chapter entitled "The Elephant in the Living Room." It explains that people foolishly blame the free market for our problems while never even looking at the real culprit - government intervention. The following chapters deal with such topics as these: money and its purpose, the government-created "boom-bust" cycle, myths that have clouded over the real facts of the Great Depression, and what must be done to set things straight. Possibly the greatest truth revealed in this book is that increase in the supply of money does not increase wealth. Wealth is created only with the production of real products; no value can be created without labor. Money was created to simplify the barter process and as a representation of real products. Creating money out of thin air does not create anything of value. All of these principles are clearly stated and elaborated in this book.

Buy this book. It will help you understand how we got into the mess we are in and how we can get out. Highly, highly recommended.
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3 of 3 people found the following review helpful
5.0 out of 5 stars Open your eyes 17 Mar 2010
Format:Hardcover|Verified Purchase
Contains many points that most people are unlikely to be aware of. Many that appear obvious when you think about it. Why, if you boil it down to your own budgeting and what is required for that, do Governments think that many of these basic rules don't apply to them, even when faced with some fairly simple evidence? Both Democrats and Republicans are at fault in helping to create a climate that many people were "willing victims" to join in the new "gold rush."
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