Aftershock

Have you read the book "Aftershock" by David Wiedemer?  I scanned it last night and will begin reading it in more detail tonight.  But it is such a compelling message - I want to suggest that you read it today.  The subtitle of the book is "Protect Yourself and Profit in the Next Global Financial Meltdown."  

In the book, Wiedemer describes the bubbles we have all experienced - the real estate bubble, the private debt bubble, the stock market bubble and the discretionary spending bubble.  Been there, done that painfully.  But we aren't done yet, says the author.  Next we will experience the dollar bubble and the government debt bubble.  

And I see that government debt bubble looming for sure.  David Walker wrote a book called "Comeback America" which describes the bloated federal government and our overwhelming debt burden.  Last year, I saw him speak on the topic several times.  Unless something radical is done soon, it may take our whole economy down with it.

And, I have been doing some research for a book I am writing on fraud and have learned about the many government pensions that are in serious trouble with almost no hope of meeting their obligation.

The picture that Aftershock paints is very dark - but it does make a lot of sense.  Part of me just doesn't want to believe it will get as bad as the author predicts - high unemployment, runaway inflation, huge taxes - but the other part of me is worried.  

I couldn't put down an article in Vanity Fair about the collapse of the Greek government and subsequent bailout by the European Union.  http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010 The Greeks built a financial house of cards on lies.  Luckily for them, Germany has the resources to stave off their complete destruction.  But who will bail us out?  Yes, the feds can bail out a car maker - but who will help us?  

The authors of Aftershock go on to suggest a common currency for the whole world.  Now we are getting downright biblical!  

I suggest you read it.  Then you can make your own call.

 

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Governmental auditors unite! Leita Hart-Fanta, CPA, CGFM, and CGAP is the author of “The Yellow Book Interpreted” and owner of Yellowbook-CPE.com a website devoted to training for governmental auditors. Whether you are an internal auditor or monitor for a government entity or a CPA doing grant audits, you will enjoy Leita’s humorous take on the complexity of auditing in the government environment.

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