Vox Day, the Mensa-soaked columnist for WorldNetDaily, is one of those rare individuals who tells it like it is even when we don’t want to hear it. And once the pain subsides, we realize he might just have saved our lives.
His new book, “The Return of the Great Depression,” is that important.
Look, you can listen to MSNBC or read the dream weavers at the New York Times, who still worship the first non-American American president, but going to a place of fantasy in our minds is not going to help us fight our way to whatever economic recovery is possible.
For those who want to pretend that the Chinese don’t hold our debt in their hands … don’t read this book. If you still believe that entitlement programs – even those now for banks – is the way to go, read Oprah’s latest spiritual guru. Maybe that will make you feel better.
But if you are a real American, read “The Return of the Great Depression” and know that American ingenuity and resourcefulness are invaluable. Think of Vox as John Wayne, leveling and discharging Winchesters at a full gallop.
During the first Depression, made much worse by a Democrat president who was worshipped – sound familiar? – the people themselves were tough as boots. The thing wasn’t fun, but they pulled out of it and thrived. Today’s generation was raised on entitlement and general softness. When the next wave of economic chaos hits, many will be sliding off the decks of the Titanic into freezing water.
Those who read “The Return of the Great Depression,” however, will have a fighting chance.
Day, a graduate of Bucknell with degrees in economics and East Asian studies, has carefully studied – and seen up-close – the Asian markets. Earlier this decade, he predicted with chilling accuracy the collapse of the housing and credit markets.
In this new book, Day details a fascinating look at economics (yes, it’s possible to make it a fascinating subject, if one combines superior intellect with cold realism) over the past eight decades. As we watch the chaotic news cycle today, with contradictory statements from the White House on job losses, much of it doesn’t make sense. Vox Day makes it make sense.
For example, he points out that the total U.S. debt will reach levels double what it was in 1929. With Barack Obama heaping more on the pile every day … well, it can’t be sustained.
Day explains that so many economic “experts” did not and do not see collapse looming, because their bias for antiquated theories and defective worldviews imprisons them in predictive jails of their own making.
In Chapter 6, “The Whore, the False Prophet, and the Beast from the Sea,” Day brings up the fascinating factoid that, as no less than Charles Darwin noted, “People did not understand that observations were not objective.”
As John Maynard Keynes wrote, “It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics (along with the other moral sciences), where it is often impossible to bring one’s ideas to a conclusive test either formal or experimental.”
Thus, we see how economic chaos reigns when a state’s economic policies are set by men who have spent their adult lives boxed in by theory. The United States is ruled by such men, when in fact if they followed the practical, sensible ideas of men on Main Street – the ones who actually deal in commerce and real life – the country wouldn’t find itself in its current mess.
In comparing the years preceding the Great Depression that began in 1929 and where we are today, Day explores leading economic indicators to reveal clearly, “The sum of these various factors is that the shadow of debt hanging over the global economy is more severe than it was in 1929.”
He also shares a sobering historical reality about the United States, pointing out that while our annual economic growth was double that of four leading European countries, U.S. banks were also handing out home loans on steroids.
Though – as Day points out – that in most things, especially economics, “nobody knows anything,” his nimble mind has uncovered enough historical data to match it with cold realism, so he can be fairly confident in saying, “Even if there are a number of unknown factors that trump the 10 reasons provided above that prove me to be ultimately incorrect, there can be little doubt that sooner or later the Great Depression will return.”
(If, like me, you have trouble with abstract thinking – I managed a low “C” in my college economics class – this book is full of helpful charts and graphs that explain things beautifully.)
It seems odd to label a book like this “terrific,” but I stand by it. The real value in “The Return of the Great Depression” is the chance we have that enough Americans will stare-down the sober realities and take action accordingly, so that at least they will not slide down that elegant deck, into the blackness of debt.
If I were an economics professor anywhere, I would make “The Return of the Great Depression” the capstone of my semester’s reading list. Vox Day has managed to make a real-life horror movie an absorbing page-turner. If you have been urged to read this book – and that’s exactly what I’m urging – and you don’t do it, you have only yourself to blame.
I fully expect this book to be a landmark project for the new decade.