Aftershock - The Next Economy and America's Future

Nobel Prize winner Joseph E. Stiglitz explains the current financial crisis—and the coming global economic order.

With incisive critical analysis and historical examples, this book lays bare the traditional assumptions of economics. Dent shows that the government doesn’t drive our economy, consumers and businesses do; that the Fed does not create most of the money in our economy, the private banking system does; and that the largest generation in history is now saving for or moving into retirement, meaning slowing growth. This is the new normal! Our banking system borrowed to lend for the first time in history with unprecedented leverage and debt levels of $42 trillion, way beyond the massive government debt. But the government’s promises and unfunded liabilities take the cake, at an estimated $66 trillion and growing!

These massive debts will have to be restructured in a time of slowing spending, and this means a deflationary crisis, which is very different from the inflationary crisis of the 1970s and requires very different personal, investment, and business strategies. Dent and Johnson outline these strategies in very practical detail. In the coming years, the greatest surprise will be that the U.S. dollar becomes the safe haven and appreciates just when everyone is calling for it to crash, while the gold and silver bubbles burst along with the stock and commodity bubbles. And real estate will see another round of declines just when everyone thought it could go no lower. The Great Crash Ahead is about making smart, cautious investments—avoiding the sort of high-risk, high-profit investment schemes that sank the world economy.

A forceful argument against America's vicious circle of growing inequality by the Nobel Prize–winning economist.

Based on more than forty interviews with Jobs conducted over two years—as well as interviews with more than a hundred family members, friends, adversaries, competitors, and colleagues—Walter Isaacson has written a riveting story of the roller-coaster life and searingly intense personality of a creative entrepreneur whose passion for perfection and ferocious drive revolutionized six industries: personal computers, animated movies, music, phones, tablet computing, and digital publishing.

At a time when America is seeking ways to sustain its innovative edge, and when societies around the world are trying to build digital-age economies, Jobs stands as the ultimate icon of inventiveness and applied imagination. He knew that the best way to create value in the twenty-first century was to connect creativity with technology. He built a company where leaps of the imagination were combined with remarkable feats of engineering.  

Although Jobs cooperated with this book, he asked for no control over what was written nor even the right to read it before it was published. He put nothing off-limits. He encouraged the people he knew to speak honestly. And Jobs speaks candidly, sometimes brutally so, about the people he worked with and competed against. His friends, foes, and colleagues provide an unvarnished view of the passions, perfectionism, obsessions, artistry, devilry, and compulsion for control that shaped his approach to business and the innovative products that resulted.

Weaving together internal documents from al-Qaeda and the U.S. offices of counterterrorism, first-person interviews with top-level jihadists and senior Washington officials, along with his own experiences on the ground in the Middle East, Bergen balances the accounts of each side, revealing how al-Qaeda has evolved since 9/11 and the specific ways the U.S. government has responded in the ongoing fight.

Bergen also uncovers the strategic errors committed on both sides—the way that al-Qaeda’s bold attack on the United States on 9/11 actually undermined its objective and caused the collapse of the Taliban and the destruction of the organization’s safe haven in Afghanistan, and how al-Qaeda is actually losing the war of ideas in the Muslim world. The book also shows how the United States undermined its moral position in this war with its actions at Guantánamo and coercive interrogations—including the extraordinary rendition of Abu Omar, who was kidnapped by the CIA in Milan in 2003 and was tortured for four years in Egyptian prisons; his case represents the first and only time that CIA officials have been charged and convicted of the crime of kidnapping.

In examining other strategic blunders the United States has committed, Bergen offers a scathing critique of the Clinton and Bush administrations’ inability to accurately assess and counter the al-Qaeda threat, Bush’s deeply misguided reasons for invading Iraq—including the story of how the invasion was launched based, in part, on the views of an obscure academic who put forth theories about Iraq’s involvement with al-Qaeda—and the Obama administration’s efforts in Afghanistan.