Endgame
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Product Description
Review
In Endgame: The End of the Debt Supercycle and How It Changes Everything, Mauldin and Tepper pull no punches and get directly the point. ...Endgame is a veritable trip around the world, as Mauldin lays out the uncomfortable choices facing nearly every major country. While Mauldin’s analysis of the American debt problem is sobering, his comments on Europe are downright frightening…Given the noise dominating the newswires, it is refreshing to find clear, coherent thinking. Our compliments to Messrs. Mauldin and Tepper on a job well done.”
—Charles Sizemore, HS Dent Research Analyst and Editor of the Sizemore Investment Letter
′It′s the freshest one hot off the press.′ – Seeking Alpha, March 2011
—Charles Sizemore, HS Dent Research Analyst and Editor of the Sizemore Investment Letter
′It′s the freshest one hot off the press.′ – Seeking Alpha, March 2011
Product Description
Greece isn′t the only country drowning in debt. The Debt Supercycle—when the easily managed, decades–long growth of debt results in a massive sovereign debt and credit crisis—is affecting developed countries around the world, including the United States. For these countries, there are only two options, and neither is good—restructure the debt or reduce it through austerity measures. Endgame details the Debt Supercycle and the sovereign debt crisis, and shows that, while there are no good choices, the worst choice would be to ignore the deleveraging resulting from the credit crisis. The book:
- Reveals why the world economy is in for an extended period of sluggish growth, high unemployment, and volatile markets punctuated by persistent recessions
- Reviews global markets, trends in population, government policies, and currencies
Around the world, countries are faced with difficult choices. Endgame provides a framework for making those choices.
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Most Helpful Customer Reviews
36 of 38 people found the following review helpful
Format:Hardcover
Exhaustive analysis of the mess we are in, near everywhere in the world. In places it felt a bit rushed for a publishing deadline, & there is a lot of verbatim lifting from other works. But it is a good synopsis of the debt-burdened present, & it does, in a relatively balanced manner, seek to set out how things might pan out (deflation &/or inflation or elements of bad deflation combined with currency collapse). A cheery read it is not. And it is not a book holding out hope for, or indeed even considering, some sort of Sino-US-German agreed 'recalibration'.
I liked the country by country breakdown & assessment of relative ugliness, although there is, some would say not unreasonably, quite a lot of hedging in the analysis - Australia ready for bubble (actually they are very clear on that one), UK doomed but for having a lot of long term debt & not being locked into the German currency zone (so very high inflation looming), Japan doomed (so short the Yen & JGB, oh wait that's been the story my whole adult life & it hasn't worked), emerging markets going to be the place to be (but is that right given many are producers/commodity plays & in a crisis it will be 'go $') & US could go either way & might even muddle through because the producers have to vendor finance the US consumer. All good practical stuff in these parts of the book.
Overall, I did not find the book a 'wow', in that the de- versus in-flation debate in the face of global debt & inbalances versus 'don't fight the Fed' is well established but I did feel this book was perhaps slightly closer to the heartbeat of what is going on than Shilling's similarly-themed but differently-concluded book (The Age of Deleveraging).
Perhaps it is being unfair as it is a difficult question, but the book did not really get me any further to a resolution of the question of whether to be in cash because of deflation or in real assets because of inflation or as to what currencies might be the place to be etc. Perhaps this is because everything is in the balance & you need to be 50% in cash spread across, say, US$, Norwegian Krona, Canadian $, HK$ & Swiss Francs & 50% in an income-producing globally diversified equities ETF (either coming in on dips/after a more than 10% fall &/or drip feeding in), but it would have been good to have had the very short investment ideas chapter home in on this sort of practical consideration (which could also usefully have dealt with whether it really is safe, given the theme of the book, to be invested in any government securities, & whether gold etc are in fact good places to be).
Still, a good read, it is not a book drowning in technical data & it is all clearly articulated. So, I would recommend it.
I liked the country by country breakdown & assessment of relative ugliness, although there is, some would say not unreasonably, quite a lot of hedging in the analysis - Australia ready for bubble (actually they are very clear on that one), UK doomed but for having a lot of long term debt & not being locked into the German currency zone (so very high inflation looming), Japan doomed (so short the Yen & JGB, oh wait that's been the story my whole adult life & it hasn't worked), emerging markets going to be the place to be (but is that right given many are producers/commodity plays & in a crisis it will be 'go $') & US could go either way & might even muddle through because the producers have to vendor finance the US consumer. All good practical stuff in these parts of the book.
Overall, I did not find the book a 'wow', in that the de- versus in-flation debate in the face of global debt & inbalances versus 'don't fight the Fed' is well established but I did feel this book was perhaps slightly closer to the heartbeat of what is going on than Shilling's similarly-themed but differently-concluded book (The Age of Deleveraging).
Perhaps it is being unfair as it is a difficult question, but the book did not really get me any further to a resolution of the question of whether to be in cash because of deflation or in real assets because of inflation or as to what currencies might be the place to be etc. Perhaps this is because everything is in the balance & you need to be 50% in cash spread across, say, US$, Norwegian Krona, Canadian $, HK$ & Swiss Francs & 50% in an income-producing globally diversified equities ETF (either coming in on dips/after a more than 10% fall &/or drip feeding in), but it would have been good to have had the very short investment ideas chapter home in on this sort of practical consideration (which could also usefully have dealt with whether it really is safe, given the theme of the book, to be invested in any government securities, & whether gold etc are in fact good places to be).
Still, a good read, it is not a book drowning in technical data & it is all clearly articulated. So, I would recommend it.
6 of 6 people found the following review helpful
Format:Hardcover
This is a most informative book. It is full of detailed economic information but explains the jargon so that a newcomer is not left bewildered. Most World economies are covered and their prospects are reviewed. My only criticism is the poor quality paper used and the fact that the graphs rely on shades of grey for multiple data comparisons. Perhaps the electronic version uses colour which would have been very welcome.
12 of 13 people found the following review helpful
Format:Hardcover
I though this might be hard going but it turned out to be a real page-turner! It's a fascinating look at the trouble our hunger for debt has landed us in, and the difficult decisions we face to get us out.
It's also a deeply thought-provoking look at the way the capitalist system we live in works - or, in some respects, fails to work.
It's pitched at a level that won't be out of reach from beginners in finance and economics. But even for those who deal with it every day, this pulls together all kinds of themes and thoughts in a way that really helps to bring the big picture into focus.
It has to be said that this has a certain political agenda. But at least the author is refreshingly up-front about his political affiliations. And I for one found his arguments very compelling, partisan or not!
I must admit, I found the investment tips at the end a little too vague to be useful. But in fact that only reaffirms my respect for Mauldin and Tepper. When things are as uncertain as they are now, an honest 'don't know' is a lot more valuable than any amount of phoney certainty.
It's also a deeply thought-provoking look at the way the capitalist system we live in works - or, in some respects, fails to work.
It's pitched at a level that won't be out of reach from beginners in finance and economics. But even for those who deal with it every day, this pulls together all kinds of themes and thoughts in a way that really helps to bring the big picture into focus.
It has to be said that this has a certain political agenda. But at least the author is refreshingly up-front about his political affiliations. And I for one found his arguments very compelling, partisan or not!
I must admit, I found the investment tips at the end a little too vague to be useful. But in fact that only reaffirms my respect for Mauldin and Tepper. When things are as uncertain as they are now, an honest 'don't know' is a lot more valuable than any amount of phoney certainty.
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Most Recent Customer Reviews
Not serious
I do not know who is expected to be the audience for this book. It was written in a way you would talk to your small children. Read more
Published 2 months ago by jukka
great book
fast delivery like always from Amazon, great site, great book, also meant to give to relations, must spread the word ! Happy, many thanks !
Published 5 months ago by Marc Haagen
Excellent!
This is a great read detailing how politicians have been bribing voters for years with our grandchildrens future tax on earnings & they haven't even been born yet! Read more
Published 6 months ago by Matt Buckingham
A penetrating analysis
Well worth the read for its penetrating analysis of extensively researched data which lays bare the hole into which the western economies have dug themselves. Read more
Published 7 months ago by D L
Poorly written boring and jumping on the band wagon
The best book on this subject is 'The Crash Course' by Chris Martenson. The end game is poorly written and just a bore and obvioulsy standing on the shoulders of much better... Read more
Published 7 months ago by J. Black
the scariest book I have ever read
First off I declare I have been a fan of John Mauldin's e-mail newsletters for several years now. He carries his highly accessible converstational but fabulously well informed... Read more
Published 8 months ago by spaghettimonster
smart book, smart authors but not always right
i like the book but he's too optimistic about USA. Yes, future is exciting but it does not mean it will happen in western world. Think about ancient Rome and about Italy today. Read more
Published 11 months ago by Radim
Good, but optimistic analysis
John Mauldin is a very good analyst and this book is an excellent explanation of the current economy. It is easy to understand for the layman and offers a country specific outlook. Read more
Published 12 months ago by Austrian Smith
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