The Demise of the Dollar... and Why It's Great For Your Investments (Demise of the Dollar & Why It's Even Better for Your Investments)

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Editorial Reviews:

Amazon.com Review
"Our long history of economic power and wealth is being eroded from within," writes Addison Wiggin, and the result will be reduced foreign investment, slow foreign demand for U.S. goods, and unfavorable currency exchange rates. A heavy debt burden, the trade deficit, and structural imbalances have created an unstable dollar bubble, and according to Wiggin, it's not a matter of if the bubble will burst, but when. That's the bad news. The good news is that hidden investment opportunities are waiting behind the weakening dollar. In The Demise of the Dollar and Why It's Great for Your Investments Wiggin offers advice to readers looking to capitalize on this reality; specifically, he encourages investing in precious metals, tangible resources, and some select foreign markets.

Along with investment advice, Wiggin provides a brief history of government and consumer spending habits and how they have changed over the past 200 years. In clear language, he states the reasons for the dollar's decline, and provides explanations of the forces behind inflation, modern corporate accounting and adjustment schemes, the parallels between corporate failures and government policies, the implications of the national debt and deficit spending, and the distinctions between productive and consumptive debt. He also discusses how foreign countries, particularly China, are ultimately in control of the U.S.'s economic fate due to the staggering amount of credit they have extended. Wiggin is highly critical of Federal Reserve Chairman Alan Greenspan's policies, particularly the massive shift from production to credit that he has espoused, and calls into question his efforts to manage the dollar's value. Of course, Greenspan was not working alone--every president since Ronald Reagan has embraced his views. Written for lay readers, The Demise of the Dollar offers a practical analysis of what the "twilight of the Great Dollar Standard Era" may bring. --Shawn Carkonen

Product Description
As the dollar continues to weaken against other currencies, it is increasingly clear that this event will have a significant impact on investors and consumers around the world. Never before has the "reserve currency of the world" been so burdened by debt or suffered from such serious structural imbalances. The Demise of the Dollar . . . And Why It’s Great for Your Investments examines the reasons for the dollar’s current slide and offers an up-close look at the Federal Reserve’s attempts to "manage" the dollar’s value. Filled with in-depth insights, wry wit, and sound advice, this intriguing text offers an inside glimpse of the reality of today’s dollar and its impact on the world’s economies as well as readers’ personal portfolios.

Customer Reviews: Read 70 more reviews...

4 out of 5 stars

Deeply Moving... As In, Time To Pack Up and Go August 3, 2005
178 out of 203 found this review helpful

I spend a lot of time travelling overseas. And I can tell you first hand, one doesn't need to read tomes on the coming collapse in the dollar to see what lies ahead. You can feel it every time you reach for your wallet or pay for a coffee.

The dollar is quickly entering the circle of second-class world citizenship. That said, Wiggin's account is artful, direct, and thorough. I liked the historical aspect. But I especially like the way he's hitting on what's happening today. That includes all the things nobody seems to want to talk about or admit.

But there's no denying, if we don't face up to them now... the greenback is doomed. And with it, all the things that depend on America keeping a stakehold in the world economy. Wiggin makes that point and makes it hard. This is an eye-opener, worth reading.

5 out of 5 stars

Times Are Changing August 16, 2005
104 out of 119 found this review helpful

Addison Wiggin explained the concepts he's informing us about in a very likeable manner and latest quick read, "Demise of the Dollar."

Wiggin touched on many concepts and wrote them in a way that will interest us "non-economist-but-interested folks." The Helicopter theory, pathological consumption, and wealth-driven consumption are delved into. Wiggin noted the many positive to a weaker dollar in comparison to a stronger one. He also gives us aspects of this weaker dollar that can benefit the investor, making this an appropriate and contemporary book. He notes accurately that the greenback is not the mainstay, and explains why and what the potential ramifications will be.

American fiscal actions and solvency are explained with some focus on the individual financial habits and psychology of the American consumer, whose spending on consumption propels 2/3 of the American economy. American government and consumer debt is noted.

As for the consumer, average per capita debt ratio is the highest in U.S. history, and home equity ownership is the lowest in U.S. history. Wealth in residential real estate, propelled low interest rates, interest-only loans, significant speculation, and pop-flipping, Americans may well be in a state of denial about the strength of the U.S. economy and their personal economic situation: a high percentage of net worth allocated in residential real estate - the house they just happen to be living in. All it will take is an economic hiccup. And, if there is no hiccup, we have wages that are flat and even declining in comparison to housing values and increasing levels of taxation.

There are many factors involved in valuation of currencies.

As Wiggin notes the positives of a weaker dollar,
Obviously, a weaker dollar benefits the U.S. economy as it's more interdependent upon our global economy. A weaker dollar can stimulate the creation of jobs, as well as maintain them. The American policy makers claim that want a strong dollar and promote and ostensibly proclaim a "strong dollar policy." This is not the case, as we all know.

But the question of the future may be: how low is good, and how low becomes bad?

Worth noting is that currency reserves held by foreign countries in part, are positioned by confidence in a currency and an economy.

The American economic engine may very well continue to plough along, with high debt ratios spurring longer work hours and most importantly, boosts in per capita worker efficiency.

As of August, 2005, the dollar is actually strengthening a bit.

Economists can explain the past, but they can't foretell the future, just like the rest of us.

1 out of 5 stars

Addison Wiggin--Intellectual Midget November 22, 2005
101 out of 187 found this review helpful

I was livid at the author's underestimation of the intelligence of the American consumer and investor. With his ludicrous assertion that the US and the world economy and the value of currency should be limited by the arbitrary supply of a yellow metal is ridiculous and has been pilloried for more than a half century by actual economists. His arguments to support his conclusions are so fraught with logical fallacies, any senior high school debator could rip it apart.

His fundamental lack of understanding of debt-backed securities is frightening as is his assertion that the US Government controls the money supply and the whimsical printing thereof. For someone who lambastes with such slavering scorn, the Federal Reserve Bank of the US, I'm surprised he hasn't actually realized that the Federal Reserve Act of 1913 privatized monetary policy decisions in the US to prevent the federal government's capricious issuing of currency.

In addition, if you're going to take on John Maynard Keynes and Alan Greenspan, it would help to have a solid litany of proof, rather than scattered and fragmented anecdotal evidence that spans perhaps 6 fiscal quarters at best. Also, when explaining the beginning and end of trends, especially referring to the recent rise in gold prices, cite actual data and genuine trends. Any novice at Excel could plot the points you gave and realize that the trend started well before the 2001 recession. Throwing up a graph and misrepresenting its data further impugns the author's credibility and his "agenda."

Furthermore, Mr. Wiggin, as a follower and commentator on the currency markets, the dollar is down only against the euro--hardly a "demise." All other currencies in the world, peg themselves to the dollar because of the US's robust economy. Eastern European and other black markets deal in dollars. Perhaps you should take Macroeconomics 101 again and refresh your memory on the concept of debt-backed securities, get a tutor to explain Keynes and write something that will do more than foment hysteria and promulgate misinformation and wild unsubstantiated conclusions. And--return America to an beleaguered economy manufacturing expensive goods with that no one else wants to buy (think GM and its overwrought pension fund)--what are you thinking? It would be nice to see a relevant observation with a logically sound conculsion. Wiggin completely disregards the (Growing) portion of US GDP that is a direct result of services and entertainment and bemoans--in Jeremiah fashion--that doom is imminent because manufacturing's share of the GDP is declining. His right-wing, Bo-Gritz-for-president, unsubstantiated diatribe may be gospel at a Libertarian mass meeting, but his economic sturm-und-drang just doesn't pass academic or serious financial scrutiny.

While Americans are heavy spenders and should save more, it's a perilous leap in logic to assume that the economy itself on the verge of collapse. Perhaps Wiggin should consult Moody's and Standard and Poors for a primer on the term "creditworthiness." I'm far more open to a study of the legitimate problems with the US economy--inflation, the transfer of wealth from manufacturing to services, or even the disappearance of the middle class.

All in all, Wiggin refuses to acknowledge the single, saving grace of a falling dollar--American goods and services cost less abroad--and more people consume what we have to offer.

An abysmal disappointment. Nothing more than a peurile rant from a two-bit charlatan.

1 out of 5 stars

Correct Conclusions, Near-Zero Support for the Conclusions August 18, 2005
72 out of 81 found this review helpful

I am a deep believer in most of the conclusions Mr. Wiggin presents. I have been following him and every single one of his "cohorts" for almost a decade and am very familiar with the conclusions he espouses. I bought the book with the hope that it would summarize the conclusions AND THE LOGIC/DATA BEHIND THESE CONCLUSIONS.

Unfortunately, the book is extremely poorly written. It has numerous unintentional, grammatical errors (did anyone proofread the book?), but this is neither my primary nor secondary complaint. My main complaints are:

1) The author bounces from issue to issue, conclusion to conclusion, often changing subjects within paragraphs. The book lacks structural logic. This makes it nearly impossible for even a seasoned reader of his ideas to follow.

2) The author repeatedly states his conclusions but fails to then back them up with data or logic. Whatever happened to the "scientific method?" Any opponent of his conclusions will have an easy time dismissing his conclusions. Does he really have data for most of his conclusions? I doubt it - even though I am from his camp.

It saddened me to see "our conclusions" so poorly presented. No wonder most economists view these conclusions as harebrained.

1 out of 5 stars

Save your devaluing dollars December 10, 2005
45 out of 67 found this review helpful

An extremely frustrating book to read due to the author stretching what should be one or two chapters into a full book by repeating the same points over and over and over. After suffering through to the end, not one new or interesting idea that you would not have not already envountered by reading the business/investing section of a decent newspaper or The Economist.

Honestly, one of the worst books, financial or otherwise, I ever read in my life.

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