Empire of Debt

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Empire of Debt is a book written by Bill Bonner and Addison Wiggin, subtitled "The Rise of an Epic Financial Crisis" ^[1]. The authors argue that the United States has transformed from a republic into an empire, although it also discusses such varied themes as the wisdom of the dead and a style of investment the authors term "essentialism".

Bonner's and Wiggin's iconoclastic points of view contrast sharply with those in mainstream politics of either liberal or conservative persuasion. They frequently make assertions that many, if not most, would find astonishing. They claim that the U.S. would have been as justified in taking Germany's side in World War I as in taking the side of Britain and France. They list Warren G. Harding, Millard Fillmore, and Andrew Johnson as great American presidents, while vilifying Woodrow Wilson as the worst. They suggest that the United States should not try to bring democracy to countries such as Iraq, because there is no reason to think that those countries would prefer an American-style government to a dictatorship.

The authors take a lighthearted attitude toward the economic crisis they describe, poking fun at Thomas Friedman and including a humorous glossary at the end of the book with entries like "Bill Gates: Where God goes for a loan."

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