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R. Christopher Whalen

Christopher Whalen

Inflated: How Money and Debt Built the American Dream Hardcover – Illustrated, 17 Dec. 2010

by R. Christopher Whalen (Author), Nouriel Roubini (Introduction)

4.1 26 ratings

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Americans as a whole view themselves as reasonably prudent and sober people when it comes to matters of money, reflecting the puritan roots of the earliest European settlers. Yet as a community, we also seem to believe that we are entitled to a lifestyle that is well-beyond our current income, a tendency that goes back to the earliest days of the United States and particularly to get rich quick experiences ranging from the Gold Rush of the 1840s to the real estate bubble of the early 21st Century.

Inflated examines this apparent conflict and makes the argument that such a world view is so ingrained in us that to expect the United States to live in a "deflated" world is simply unrealistic. It skillfully seeks to tell the story of, money inflation and public debt as enduring (and perhaps endearing) features of American life, rather than something we can one day overcome as our policy makers constantly promise.

Features interviews with today's top financial industry leaders and insiders.
Offer a glimpse into the future of the Federal Reserve and the role it will play in the coming years
Examines what the future may hold for the value of the U.S. dollar and the real incomes of future generations of Americans

The gradual result of the situation we find ourselves in will inevitably lead to inflation, loss of economic opportunity, and a decline in the value of the dollar. This book will show you why, and reveal how we might be able to deal with it.

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takes the reader on a journey through more than two centuries of monetary and fiscal policy and banking. (The Economist, December 2010).

From the Inside Flap

PRAISE FOR INFLATED

"A thorough, highly readable history of the politics that have controlled banking, currency, monetary gold, and government debt since the founding. I am going to put Inflated on the short list of books that are given to our new traders and analysts."
—PAUL TUDOR JONES II

"From the revolutionary-era origins of the national debt, through Civil War era greenbacks, New Deal deficit finance, and Richard Nixon's severing of the dollar's link to gold, Chris Whalen's Inflated offers a wry, often comical account of America's long, crisis-prone love affair with inflation, debt, and the amazing dwindling dollar. His take-no-prisoners account of our latest financial crisis brings the story close to home. So does his timely conclusion: Americans must either find their way back to fiscal sanity and real, investment-driven growth, or risk a financial debacle that could make the 'Crash of 2008—2009' seem like the good old days."
—BOB REYNOLDS, Chief Executive Officer, Putnam Investments

"Chris Whalen leads a fast and insightful tour through the historical and current battlefields of U.S. fiscal and financial class warfare. A fascinating and rewarding read."
—EDWARD J. KANE, Boston College

"Chris Whalen is already famous for his stellar work articulated in his bank rating service and in the Institutional Risk Analyst. This book captures another dimension. He uses his family history, which starts in the Nixon administration. He embellishes on his personal interviews with prominent persons like Paul Volcker and Josh Rosner. His book documents the 'too big to fail' syndrome. Finally, he presents a view of the future and articulates what the confluence of central banking, government fiscal policy, and market vigilantes must confront ahead."
—DAVID R. KOTOK, Chairman and Chief Investment Officer, Cumberland Advisors

"In the Rothbardian tradition, Christopher Whalen fingers the bad guys and follows the money in his fast-paced history detailing the U.S. government's continual monetary debauchery. For those wanting the real story of why America teeters on the edge of a financial cliff, Inflated is the book to read."
—DOUGLAS FRENCH, President, Ludwig von Mises Institute

From the Back Cover

When it comes to matters of money, most Americans tend to view themselves as reasonably prudent people, reflecting the puritan roots of their European ancestors. Yet, at the same time, Americans also seem to feel entitled to a lifestyle, individually and nationally, that is well above the rest of the world's, and well beyond our current means. Inflated: How Money and Debt Built the American Dream explores more than two hundred years of American politics and monetary policy to examine this conflict. In doing so, it asks whether the current understanding of the American Dream, one of entitlement, is so ingrained that to expect Americans willingly to live in a "deflated" world is unrealistic. This book simply and directly tells the story of inflation and public debt as enduring, and perhaps even endearing, features of American life. It describes:

The Gold Rush and how dreams of instant wealth replaced the notions of hard work and saving as the national ideal
How Congress's deficit spending is a direct legacy of Abraham Lincoln's presiding over the first legal tender laws, which gave the federal government control overthe issuance of "money"
How the financial crisis of 1893 led to the creation of the Federal Reserve System, ultimately confirming the cautionary views of Thomas Jefferson and Andrew Jackson that a central bank would prove antithetical to democracy and individual rights
The rise of investment trusts during the 1890s, and how those trusts were the precursors of hedge funds and complex financial derivatives
How the dollar's role as the world's currency after WWII encouraged America's tendency to demand immediate gratification of national wants and needs
Why the Gold Standard Act of 1900 was the high watermark for sound money in the United States, and why Richard Nixon's decision to end the dollar's gold convertibility in 1971 opened the door to vast inflation and debt in the decades that followed

Whether taming the frontier in the 1800s, fighting poverty during the Great Depression, or bailing out private corporations deemed "too big to fail" in the twenty-first century, America's tendency to borrow from the future is a core ethic of American society. In the post—market meltdown economy, Inflated explores the rich history of living beyond one's means, and whether Americans—an instinctively self-reliant, isolationist people—are more likely either to embrace fiscal stringency if other nations demand it or turn their backs on the rest of the world.

About the Author

R. CHRISTOPHER WHALEN is cofounder and Managing Director of Institutional Risk Analytics, a Torrance, California, bank rating agency and consulting firm. He is editor of IRA's popular newsletter, the Institutional Risk Analyst, and heads IRA's advisory practice. Whalen is among one of the most frequently quoted financial analysts in the United States and appears regularly on Bloomberg, CNBC, and National Public Radio. He worked for the U.S. House of Representatives, the Federal Reserve Bank of New York, as a Mexico analyst during the 1990s, and as an investment banker for firms such as Bear Stearns & Co., and Prudential Securities. During his three decades as an investment banker and writer, Whalen contributed to publications such as Barron's, American Banker, the New York Times, Financial Times, and many others. He has testified before both the U.S. Congress and the Securities and Exchange Commission on issues ranging from financial regulation to OTC derivatives to XBRL to the federal rescue of GMAC. For more information, visit www.rcwhalen.com.

Product details

ASIN ‏ : ‎ 0470875143
Publisher ‏ : ‎ Wiley; 1st edition (17 Dec. 2010)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 416 pages
ISBN-10 ‏ : ‎ 9780470875148
ISBN-13 ‏ : ‎ 978-0470875148
Dimensions ‏ : ‎ 15.49 x 3.35 x 23.62 cm

Best Sellers Rank: 1,438,044 in Books (See Top 100 in Books)
- 712 in Professional Public Finance
- 2,354 in Macroeconomics (Books)

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4.1 26 ratings

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R. Christopher Whalen
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Richard Christopher Whalen is an investment banker and author who lives in New York City. He is Chairman of Whalen Global Advisors LLC and focuses on the banking, mortgage finance and fintech sectors. Christopher is a contributing editor at National Mortgage News. He is a member of FINRA and Senior Advisor at J.V.B. Financial Group in New York.
From 2014 through 2017, Christopher was Senior Managing Director and Head of Research at Kroll Bond Rating Agency, where he was responsible for ratings by the Financial Institutions and Corporate Ratings Groups. He was a principal of Institutional Risk Analytics from 2003 through 2013.
Over the past three decades, Chris worked as an author, financial professional and journalist in Washington, New York and London. He has held positions in the House Republican Conference Committee, the Federal Reserve Bank of New York, Bear, Stearns & Co., Prudential Securities, Tangent Capital, and Carrington Mortgage Holdings.
Christopher holds a B.A. in History from Villanova University. He is the author of three books, including his most recent work “Ford Men: From Inspiration to Enterprise” (2017), a study of Ford Motor Co and the Ford family published by Laissez Faire Books. He is the author of "Inflated: How Money and Debt Built the American Dream" (2010) published by John Wiley & Sons; and co-author of “Financial Stability: Fraud, Confidence & the Wealth of Nations,” also published by John Wiley & Sons.
Christopher has served on the Economic Advisory Committee of FINRA for over a decade. He served as an advisor on Season 5 of the SHOWTIME series “Billions.” Chris is a member of The Lotos Club of New York. He previously served as a fellow at Indiana State University (2008-2014), a member of the Finance Department Advisory Council at Villanova School of Business (2013-2016) and board member of the Global Interdependence Center (2017-2019).
Christopher edits The Institutional Risk Analyst newsletter and contributes to other publications and forums. He has testified before Congress, the Securities and Exchange Commission and Federal Deposit Insurance Corporation. Chris appears regularly in such media outlets as CNBC, Bloomberg, Fox News and Business News Network. Christopher is active in social media under the Twitter handle “rcwhalen”.
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Christopher Whalen
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Inflated: How Money and Debt Built the American Dream Hardcover – Illustrated, 17 Dec. 2010

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