The Critical Flaw
In 2008, Alan Greenspan, former chairman of the Federal Reserve, discussed a “critical flaw” in his economic model during congressional testimony about the economic meltdown. The critical flaw was the assumption that banks and markets would regulate themselves and naturally avoid bubbles and credit crises. Greenspan was so sure about market self-regulation that when confronted with the reality of its failure, he had to rethink his entire perspective. And it was the critial flaw that drove his and the nation’s policies during his tenure as Federal Reserve Chairman that led to the housing and economic meltdown of 2008 that we are still recovering from.
Author Alan Chan took that phrase and has used it to discuss the new global economy, credit, debt, and investments through the filter of Greenspan’s flaw. According to Chan, this flaw provides an opportunity for individual investors to profit by investing in precious metals, like gold and silver. Chan, as a former gold and silver wholesaler, also educates the reader about different types of precious metal investments and the differences between bullion, coins, antiques, and more, and recommending the best types for use in different scenarios.
Chan has an accessible writing style, and in the process of educating the reader about recent and historical economic crises, doesn’t bog down in details that aren’t relevant to the issue, but does provide a good basis for understanding the current recession, and the economic reasons for it. Recommended for those looking to expand (or start) their investments in precious metals as a hedge against further deterioration of the dollar, housing values or other investments, and as a good counter for those late night infomercials that sell metals as “investments” that only really help the company selling them.
Chris Hayden been working at City Book Review since 2012, so that makes him the keeper of knowledge. He manages the office and book reviewers (all 200 of them!), which is no small feat. If you’re looking at the book reviews here, you’re seeing them because he sent the books out for review. Without him, this place would fall apart, because no one else in the office knows how to use the postage machine. Two words: job security.
|Page Count||314 pages|
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|Category||Business & Investing|