I read between fifty and one-hundred-fifty books each year. Since I invest in stocks and registered securities, I tend to read a disproportionately large number of books about finance and international economics.
Many of the popular books on finance and economics are as false and deceptive as the congressional crooks who mismanage the U.S. economy. However, I sometimes find an excellent book in this field of spin and deception.
David A. Stockman published a book in 2013, titled: ” The Great Deformation.” This book is absolutely outstanding because it is truthful, factual, and avoids all attempts to spin the data toward either a liberal or a conservative bias. The book is 718 pages of eloquent writing by an expert who was part of government and was a leader in the field of finance.
Mr. Stockman was elected to congress from Michagan and later joined the Reagan White House as budget director in 1981. He was one of the architects of the Reagan Revolution. In his book, Mr. Stockman is sometimes harder on the republican crooks than the democrat crooks who mismanage the economy. Also, there is no better book that I have found that explains the Fed and the Nixon Administration’s decision to remove the U.S. from the gold standard.
Stockman joined Solomon Brothers in 1985 and later became one of the early partners of the Blackstone Group. He later was a private equity investor.
As a mathematician and scientist, I found very few scientific books that were written for the average person in clear and understandable terms. Isaac Asimov became a great writer of fiction and non fiction science books because he was able to explain scientific concepts very clearly. I believe that Mr. Stockman has done for finance and economics what Asimov did for science.
On page 675, Mr. Stockman writes: ” The GOP apostasy reached an absurd extreme in the 2012 election, when candidate Romney promised to use his four- year term not to balance the budget, but to stump up 12 million new jobs. Herbert Hoover, who well understood the imperative need to keep the state and the private economy separated by a sturdy fence, was doubtless spinning in his grave…. ”
David Stockman is probably the only individual with the common sense and the total economic understanding to fill the job as Chairman of the Federal Reserve System when Bernanke leaves. It would be a sane and sensible action for Mr. Obama to appoint Mr. Stockman as Chairman. However, it is doubtful that Mr. Stockman wishes to have any dealings with the federal government today ! This book is must reading for people all over the world.
R. Van Conoley