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<p>Acknowledgments xiii</p> <p>Introduction: Endgame 1</p> <p><b>Part One: The End of the Debt Supercycle 11</b></p> <p>Chapter 1: The Beginning of the End 15</p> <p>Chapter 2: Why Greece Matters 31</p> <p>Chapter 3: Let’s Look at the Rules 45</p> <p>Chapter 4: The Burden of Lower Growth and More Frequent Recessions 73</p> <p>Chapter 5: This Time is Different 91</p> <p>Chapter 6: The Future of Public Debt: An Unsustainable Path 109</p> <p>Chapter 7: The Elements of Deflation 133</p> <p>Chapter 8: Inflation and Hyperinflation 157</p> <p><b>Part Two: A World Tour: Who Will Face Endgame First? 175</b></p> <p>Chapter 9: The United States: The Mess We Find Ourselves In 181</p> <p>Chapter 10: The European Periphery: A Modern-Day Gold Standard 215</p> <p>Chapter 11: Eastern European Problems 233</p> <p>Chapter 12: Japan: A Bug in Search of a Windshield 247</p> <p>Chapter 13: The United Kingdom: How to Quietly Inflate Away Your Debt 261</p> <p>Chapter 14: Australia: Could It Follow in Ireland’s Footsteps? 273</p> <p>Chapter 15: Unintended Consequences: Loose Monetary Policies and Emerging Markets 283</p> <p>Conclusion: Investing and Profiting from Endgame 293</p> <p>Epilogue: Some Final Thoughts 297</p> <p>Notes 301</p> <p>About the Authors 309</p> <p>Index 311</p>

In <i>Endgame: The End of the Debt Supercycle and How It Changes Everything,</i> Mauldin and Tepper pull no punches and get directly the point. ...<i>Endgame</i> 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.”<br /> —<b>Charles Sizemore</b>, HS Dent Research Analyst and Editor of the Sizemore Investment Letter

<p><b>JOHN MAULDIN</b> is a renowned financial expert, a multiple <i>New York Times</i> best-selling author, and a pioneering online commentator. His weekly e-newsletter, <i>Thoughts From The Frontline,</i> was one of the first publications to provide investors with free, unbiased information and guidance. Today, it is one of the most widely distributed investment newsletters in the world, translated into Chinese, Spanish and Italian. He is regularly seen on TV and in national print media. President of Millennium Wave Investments, he is the father of seven children (five adopted) and lives in Dallas, Texas.</p><p><b>JONATHAN TEPPER</b> is the founder and Chief Editor of Variant Perception, a macroeconomic research group catering to hedge funds and high-net-worth individuals. </p>

<p>Hundreds of books have been written about the financial crisis that engulfed the world after Lehman Brothers went bankrupt. But what if the bigger financial crisis is ahead of us, not behind us? </p><p> As John Mauldin and Jonathan Tepper deftly illustrate in this controversial book, the crisis was more than a half-century in the making. The Great Financial Crisis, however, was merely Act I. Act II has now begun.</p><p> The massive household deleveraging and historic shift of private debt onto government balance sheets now underway all over the world represents the end of a sixty-year global Debt Supercycle. We have now entered the Endgame, a time when bankruptcies and defaults (disguised as “restructuring”) will not be of households and companies but of governments. The stakes are now higher. The coming crises will offer policymakers few good choices and many bad ones. It will require extraordinary clarity and courage from leaders, courage that so far is largely completely lacking. </p><p> Yet, despite the authors’ dark forecast, the message in <i>Endgame</i> is not all gloom and doom. The book lays out positive steps governments can take to weather the worst of the stormy days ahead, minimize the inevitable pain and discomfort most of us can expect to experience, and chart a bold new course to sustained economic growth and prosperity. </p><p> It also offers investors an abundance of useful analysis and expert advice on how to protect their assets during the worst of it and prosper from the many new opportunities that will emerge globally as they present themselves.</p><p> In Part 2, the authors take readers on a country-by-country tour—including the United States, UK, European countries, and Japan—clearly explaining the problems each country faces, as well as the good and bad policy options open to each, and the investment pitfalls and opportunities likely to be found in each national economy.</p><p> Whether you call it the Great Recession, the Great Financial Crisis, or the Global Debt Crisis, what we are experiencing is unlike anything seen in eighty years. Now is not the time to succumb to panic and superstition. It is a time for courage and intelligent decision making informed by the brand of rational analysis and wisdom you’ll find in <i>Endgame</i>.</p>

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