"And if an epitaph be my story, I'd have a short one ready for my own: I had a lover's quarrel with the world." -- Robert Frost
Sunday, January 4, 2009
NY Times and Madoff
Today's NY Times mentions Madoff. Michael Lewis says that Wall Street's misaligned incentives led to corruption.
Poetry and My Poems
Once in a while, I like to take a break from economics and read poetry. Here are some of my favorites:
AUBADE, by Rick Barot
Scintillas of the anatomical
on the vines, buds opening—
make me a figure
for the woken.
On the vines, buds opening—
blue, little throats.
For the woken,
this different tin sky.
Blue, little throats
speak to me in the right voice.
This different tin sky,
the playground thawing.
Speak to me in the right voice,
only clean, sweeter.
The playground thawing
into its primary colors.
Only clean, sweeter,
briary as honeysuckle,
into their primary colors
the words come: bitter, astral.
Full version after the jump: http://enskyment.org/poetsatog.html
I am sharing part of Barot's poem for educational purposes. It sounds and reads perfectly--a difficult combination. Even the unusual repetition, "bitter, astral," feels perfectly placed. The only blemish is the phrase, "blue little throats," which seems too harsh among "clean, sweeter," and "honeysuckle." This poetic form, which relies on repetition, is the "lilibonelle." More on poetry forms at Sol Magazine.
I also love a poem by C. Milosz called "Hymn," but I can't find it online. Here are the first few lines:
There is no one between you and me.
Neither a plant drawing sap from the depths of the earth
nor wind walking between the clouds.
The most beautiful bodies are like transparent glass.
Here is an interview with Mr. Milosz.
Another poem by Bill Watterson is a must-read. It's from Calvin and Hobbes' Indispensable Treasury:
I made a big decision a little while ago.
I don't remember what it was, which prob'ly goes to show
That many times a simple choice can prove to be essential
Even though it often might appear inconsequential.
I must have been distracted when I left my home because
Left or right I'm sure I went. (I wonder which it was!)
Anyway, I never veered: I walked in that direction
Utterly absorbed, it seems, in quiet introspection.
For no reason I can think of, I've wandered far astray.
And that is how I got to where I find myself today.
As you can see, poetry doesn't have to be in a Norton Anthology to be required reading. I own the complete Calvin and Hobbes collection, and Calvin has so many lines that are poetic in their own right. I shared the above lines to show readers that poetry can be found in unexpected places and to encourage readers to discover Calvin and Hobbes if they haven't already done so. Newer fans can share their thoughts on Calvin and Hobbes here.
Oh, the beauty.
___________
Here are a few poems I found today, which I wrote about 10 years ago:
Haiku
The mahogany maelstrom
stares at me.
Charred black holes
peeking through space,
gentle lashes nurturing
smoldering volcanoes.
copyright Matthew Rafat (written 1995-1999)
Embezzlement
Bank statements invade dreams
Of holding hands, making babies, laughing for no reason;
And eyes that once sparkled are now jaundiced,
Critiquing every missing George Washington,
Forgetting the spontaneous smiles
That once would follow accidental breaking of dishes.
Now your reassuring voice seems like an important historical event
One should remember, but can't,
Like the date of the Missouri Compromise or the victor at Yorktown.
The laundry undone and the mold growing
Used to sit patiently while we lay on our backs feeling the wind brush our faces--
And it would be okay if we missed dinner
When I wanted to see your face above mine,
Your falling sweat sticking to my just-showered stomach.
But bringing Benjamin Franklin in the bedroom
Made you sexually insolvent, and I felt cheated, because I never invited him in--
It was as if you were making me part of a threesome without my consent,
Allowing little green men to rape me while you watched and did nothing.
Even the prospect of your copper-stained hands going through my hair
Would have aroused in me forgiveness--
But you always just plopped down next to me in the dark, faceless and foreboding.
One day, as you mentioned going down a tax bracket,
I packed my bags and left without your interest
And with the realization I would never be included
In your value estimations.
copyright Matthew Rafat (written 1995-1999)
Pellucid Life
Children dance their songs of glee,
Roses approve with laughs of scent,
The sun joins in, beaming smiles of light.
Women cradle bundles of sound,
Men walk with words of friends,
The world turns with slow of sure.
I sit amidst sights of smell,
Enjoying feel of touch,
Remembering you of love.
copyright Matthew Rafat (written 1995-1999)
Dupont Circle was one of my favorite hangouts when I lived in D.C. around 1999. I loved its coffeeshops and used bookstores. Back in the day, as soon as you got off the Metro and exited the escalator, you saw the aptly-named Xanadu's Cafe on your left. Dupont has become much more gentrified since then.
Dupont Circle
"No talking please,"
"No talking please,"
The jolly old man bellowed out,
Hovering over the chessboard,
About to devour his opponent,
Another old man, teeth and glasses broken,
Reflecting his shattered condition.
The old man must have wanted to be more than a wino once--
Whatever the dreams were, they certainly never included
Prostituting his knowledge of a queen's gambit for a ham and cheese sandwich.
The words of death didn't need to be said,
And they weren't, but the black king lay prostrate on the board
As 25 dollars exchanged trembling hands.
A drunk Physics major stumbled about,
Mumbling, "A win is a win is a win is a win,"
But then lost the next two games.
"Pow! Pow! Pow!"
In the corner, an entrenched Vietnam Vet, between sips,
Echoed out threats
Against the man who had just
Refused his request for a light.
A size six waist and double Ds walked in,
Capturing the crowd,
And I remembered thinking,
"God I wish those are real."
But they're not, and they're just as empty and heavy
As the old men's machismo
And their dances and drunkenness,
Gambling money they don't have,
Hollering words without force,
Trying to find connections in a city
That offers none,
As sorry and hopeful
As those two pneumatic sacks.
copyright Matthew Rafat
AUBADE, by Rick Barot
Scintillas of the anatomical
on the vines, buds opening—
make me a figure
for the woken.
On the vines, buds opening—
blue, little throats.
For the woken,
this different tin sky.
Blue, little throats
speak to me in the right voice.
This different tin sky,
the playground thawing.
Speak to me in the right voice,
only clean, sweeter.
The playground thawing
into its primary colors.
Only clean, sweeter,
briary as honeysuckle,
into their primary colors
the words come: bitter, astral.
Full version after the jump: http://enskyment.org/poetsatog.html
I am sharing part of Barot's poem for educational purposes. It sounds and reads perfectly--a difficult combination. Even the unusual repetition, "bitter, astral," feels perfectly placed. The only blemish is the phrase, "blue little throats," which seems too harsh among "clean, sweeter," and "honeysuckle." This poetic form, which relies on repetition, is the "lilibonelle." More on poetry forms at Sol Magazine.
I also love a poem by C. Milosz called "Hymn," but I can't find it online. Here are the first few lines:
There is no one between you and me.
Neither a plant drawing sap from the depths of the earth
nor wind walking between the clouds.
The most beautiful bodies are like transparent glass.
Here is an interview with Mr. Milosz.
Another poem by Bill Watterson is a must-read. It's from Calvin and Hobbes' Indispensable Treasury:
I made a big decision a little while ago.
I don't remember what it was, which prob'ly goes to show
That many times a simple choice can prove to be essential
Even though it often might appear inconsequential.
I must have been distracted when I left my home because
Left or right I'm sure I went. (I wonder which it was!)
Anyway, I never veered: I walked in that direction
Utterly absorbed, it seems, in quiet introspection.
For no reason I can think of, I've wandered far astray.
And that is how I got to where I find myself today.
As you can see, poetry doesn't have to be in a Norton Anthology to be required reading. I own the complete Calvin and Hobbes collection, and Calvin has so many lines that are poetic in their own right. I shared the above lines to show readers that poetry can be found in unexpected places and to encourage readers to discover Calvin and Hobbes if they haven't already done so. Newer fans can share their thoughts on Calvin and Hobbes here.
Oh, the beauty.
___________
Here are a few poems I found today, which I wrote about 10 years ago:
Haiku
The mahogany maelstrom
stares at me.
Charred black holes
peeking through space,
gentle lashes nurturing
smoldering volcanoes.
copyright Matthew Rafat (written 1995-1999)
Embezzlement
Bank statements invade dreams
Of holding hands, making babies, laughing for no reason;
And eyes that once sparkled are now jaundiced,
Critiquing every missing George Washington,
Forgetting the spontaneous smiles
That once would follow accidental breaking of dishes.
Now your reassuring voice seems like an important historical event
One should remember, but can't,
Like the date of the Missouri Compromise or the victor at Yorktown.
The laundry undone and the mold growing
Used to sit patiently while we lay on our backs feeling the wind brush our faces--
And it would be okay if we missed dinner
When I wanted to see your face above mine,
Your falling sweat sticking to my just-showered stomach.
But bringing Benjamin Franklin in the bedroom
Made you sexually insolvent, and I felt cheated, because I never invited him in--
It was as if you were making me part of a threesome without my consent,
Allowing little green men to rape me while you watched and did nothing.
Even the prospect of your copper-stained hands going through my hair
Would have aroused in me forgiveness--
But you always just plopped down next to me in the dark, faceless and foreboding.
One day, as you mentioned going down a tax bracket,
I packed my bags and left without your interest
And with the realization I would never be included
In your value estimations.
copyright Matthew Rafat (written 1995-1999)
Pellucid Life
Children dance their songs of glee,
Roses approve with laughs of scent,
The sun joins in, beaming smiles of light.
Women cradle bundles of sound,
Men walk with words of friends,
The world turns with slow of sure.
I sit amidst sights of smell,
Enjoying feel of touch,
Remembering you of love.
copyright Matthew Rafat (written 1995-1999)
Dupont Circle was one of my favorite hangouts when I lived in D.C. around 1999. I loved its coffeeshops and used bookstores. Back in the day, as soon as you got off the Metro and exited the escalator, you saw the aptly-named Xanadu's Cafe on your left. Dupont has become much more gentrified since then.
Dupont Circle
"No talking please,"
"No talking please,"
The jolly old man bellowed out,
Hovering over the chessboard,
About to devour his opponent,
Another old man, teeth and glasses broken,
Reflecting his shattered condition.
The old man must have wanted to be more than a wino once--
Whatever the dreams were, they certainly never included
Prostituting his knowledge of a queen's gambit for a ham and cheese sandwich.
The words of death didn't need to be said,
And they weren't, but the black king lay prostrate on the board
As 25 dollars exchanged trembling hands.
A drunk Physics major stumbled about,
Mumbling, "A win is a win is a win is a win,"
But then lost the next two games.
"Pow! Pow! Pow!"
In the corner, an entrenched Vietnam Vet, between sips,
Echoed out threats
Against the man who had just
Refused his request for a light.
A size six waist and double Ds walked in,
Capturing the crowd,
And I remembered thinking,
"God I wish those are real."
But they're not, and they're just as empty and heavy
As the old men's machismo
And their dances and drunkenness,
Gambling money they don't have,
Hollering words without force,
Trying to find connections in a city
That offers none,
As sorry and hopeful
As those two pneumatic sacks.
copyright Matthew Rafat
Answer to W.H. Auden
At the party,
Go sit in your dismal, desolate corner--
Good friends laugh and play
As you deem yourself their official mourner.
Blow the cobwebs from the mirror,
See the face of optimism resisted;
You cannot plunge the penknife
Into a heart that never existed.
Time will only say "I told you so,"
You've said over and over;
Let Time watch from the shadows--
I will kiss while it coughs, and be Life's lover.
At the party,
Go sit in your dismal, desolate corner--
Good friends laugh and play
As you deem yourself their official mourner.
Blow the cobwebs from the mirror,
See the face of optimism resisted;
You cannot plunge the penknife
Into a heart that never existed.
Time will only say "I told you so,"
You've said over and over;
Let Time watch from the shadows--
I will kiss while it coughs, and be Life's lover.
copyright Matthew Rafat
Gift Cards and Refunds
Now that the X-Mas shopping is done and the gifts opened, what happens if you want to return your gift? Or, if you received a gift card, do you know when you can get cash from the card? Here are some tips, prepared by the Consumer Protection Unit of the Santa Clara County District Attorney's Office, relating to refunds/returns and gift cards:
Refunds
A retail store in California does not have to accept your return of merchandise simply because you have changed your mind.
A retail store in California can set its own policy on returning merchandise. It may elect to refuse any returns once a purchase has been made, or accept returned merchandise for a store credit only.
However, if a retail store elects not to give a full refund or store credit within 7 days after purchase, it must post that written refund policy:
*on a sign at each cash register and sales counter;
*on tags associated with that merchandise;
*at each public entrance; or
*on order forms.
The policy must state:
*whether the store will give a cash refund, store credit, or exchange for the full amount of the purchase price;
*the time within which the return must be made; and
*any other conditions related to the policy.
There are exceptions under this law so be a wise shopper and ask to see the refund policy.
Gift cards and gift certificates
While gift cards and certificates make for very flexible and easy gifts, you should keep in mind the restrictions allowed under California law.
While the gift card or certificate cannot have an expiration date, the card may include a dormancy fee (a fee charged for not using the card or certificate within a certain time period); such fees are required to be printed on the front or back of the card or certificate. You also need to consider the likelihood that the store will close before you can use the card or certificate.
Finally, sellers of gift cards and certificates must redeem them only when the balance on them falls below $10.00.
Refunds
A retail store in California does not have to accept your return of merchandise simply because you have changed your mind.
A retail store in California can set its own policy on returning merchandise. It may elect to refuse any returns once a purchase has been made, or accept returned merchandise for a store credit only.
However, if a retail store elects not to give a full refund or store credit within 7 days after purchase, it must post that written refund policy:
*on a sign at each cash register and sales counter;
*on tags associated with that merchandise;
*at each public entrance; or
*on order forms.
The policy must state:
*whether the store will give a cash refund, store credit, or exchange for the full amount of the purchase price;
*the time within which the return must be made; and
*any other conditions related to the policy.
There are exceptions under this law so be a wise shopper and ask to see the refund policy.
Gift cards and gift certificates
While gift cards and certificates make for very flexible and easy gifts, you should keep in mind the restrictions allowed under California law.
While the gift card or certificate cannot have an expiration date, the card may include a dormancy fee (a fee charged for not using the card or certificate within a certain time period); such fees are required to be printed on the front or back of the card or certificate. You also need to consider the likelihood that the store will close before you can use the card or certificate.
Finally, sellers of gift cards and certificates must redeem them only when the balance on them falls below $10.00.
Saturday, January 3, 2009
Memories of 10 Years Ago
I am going through some old items and re-discovered two old songs I love.
This one's from Meatloaf, and this one's an incredible old-school rap song.
I also discovered an Atlantic article written by Miranda Seymour--Seymour's review so captivated me, I saved it. I must have been in a really foul mood at the time:
This is, even for Brookner, an unusually cheerless work, about the moral education of a young woman as assessed by herself in retrospect. The lesson she learns is that a wise woman expects nothing from life and will probably get it. Only a fool, Brookner suggests, would believe the lessons offered by the novels and fairy tales in which Zoë, like many of her predecessors, has rashly placed her trust. Poor girls who sit and wait to become princesses get nowhere. Ordeals may lead only to further suffering. There are no rewards for virtue beyond self-respect. Life is best viewed as a journey toward death, to be lived with attentive restraint.
Ah, memories.
This one's from Meatloaf, and this one's an incredible old-school rap song.
I also discovered an Atlantic article written by Miranda Seymour--Seymour's review so captivated me, I saved it. I must have been in a really foul mood at the time:
This is, even for Brookner, an unusually cheerless work, about the moral education of a young woman as assessed by herself in retrospect. The lesson she learns is that a wise woman expects nothing from life and will probably get it. Only a fool, Brookner suggests, would believe the lessons offered by the novels and fairy tales in which Zoë, like many of her predecessors, has rashly placed her trust. Poor girls who sit and wait to become princesses get nowhere. Ordeals may lead only to further suffering. There are no rewards for virtue beyond self-respect. Life is best viewed as a journey toward death, to be lived with attentive restraint.
Ah, memories.
Wise Consumer Tips (California)
My readers are no doubt enjoying the new year--the Nasdaq is up 3.5% and the Dow is up almost 3%. But stock market gains mean nothing if you get scammed in personal economic transactions. To help my California readers avoid fraud, I found some excellent consumer tips, prepared by the Consumer Protection Unit of the Santa Clara County District Attorney's Office. The resolutions/tips are very helpful and definitely worth a look:
As a consumer, I resolve, in 2009, to:
-read and understand every consumer contract, especially when purchasing or leasing a car, BEFORE signing it and get all oral promises added to the contract in writing
-check with the Contractors State Licensing Board on the status of a contractor before hiring one to work on my home (Licenses can be checked by telephoning the Board at 1-800-321-CSLB or using the Board’s website at www.cslb.ca.gov .)
-understand the refund/return policy before purchasing in a store or from a store online
-watch the register when items are being scanned to catch pricing errors (Consumers may call the Santa Clara County Department of Weights and Measures’ toll-free scanner hotline at 1-866-SCANNER to complain or ask questions about scanning devices at stores.)
-use my credit card for purchases, whenever possible and reasonable, so I can write to my credit card company to dispute any charge
-make all car payments on schedule to avoid repossession and a bad credit record
-obtain a written estimate for any auto repair and ask for replaced parts, if I need them (Licenses can be checked by telephoning the Bureau of Automotive Repair at 1-800-952-5210 or using the Bureau’s website at www.bar.ca.gov .)
-review my itinerary and cancellation terms before purchasing travel arrangements, whether online or through a travel agent
-not disclose my personal or financial information, such as credit card or bank account numbers, over the telephone or online to any organization I cannot verify as reputable
-check with the Better Business Bureau, Consumer Reports, the Bay Area Consumer Checkbook or simply do an internet search on any company from which I am purchasing
For more information, call the Santa Clara County District Attorney’s Office, Consumer Protection Unit at 408-792-2880.
[Note: this number goes to a local D.A.'s office, designed to assist residents of Santa Clara County, or those complaining about businesses in Santa Clara County.]
As a consumer, I resolve, in 2009, to:
-read and understand every consumer contract, especially when purchasing or leasing a car, BEFORE signing it and get all oral promises added to the contract in writing
-check with the Contractors State Licensing Board on the status of a contractor before hiring one to work on my home (Licenses can be checked by telephoning the Board at 1-800-321-CSLB or using the Board’s website at www.cslb.ca.gov .)
-understand the refund/return policy before purchasing in a store or from a store online
-watch the register when items are being scanned to catch pricing errors (Consumers may call the Santa Clara County Department of Weights and Measures’ toll-free scanner hotline at 1-866-SCANNER to complain or ask questions about scanning devices at stores.)
-use my credit card for purchases, whenever possible and reasonable, so I can write to my credit card company to dispute any charge
-make all car payments on schedule to avoid repossession and a bad credit record
-obtain a written estimate for any auto repair and ask for replaced parts, if I need them (Licenses can be checked by telephoning the Bureau of Automotive Repair at 1-800-952-5210 or using the Bureau’s website at www.bar.ca.gov .)
-review my itinerary and cancellation terms before purchasing travel arrangements, whether online or through a travel agent
-not disclose my personal or financial information, such as credit card or bank account numbers, over the telephone or online to any organization I cannot verify as reputable
-check with the Better Business Bureau, Consumer Reports, the Bay Area Consumer Checkbook or simply do an internet search on any company from which I am purchasing
For more information, call the Santa Clara County District Attorney’s Office, Consumer Protection Unit at 408-792-2880.
[Note: this number goes to a local D.A.'s office, designed to assist residents of Santa Clara County, or those complaining about businesses in Santa Clara County.]
Wednesday, December 31, 2008
Beautiful Piano Music
I'd like to share Michael Nyman's "The Sacrifice" with my readers. The song can be heard on this youtube clip, which has been viewed over a million times. It's one of the most beautiful pieces I've ever heard. I discovered it on the Miramax Greatest Hits soundtrack.
Happy new year to all.
Happy new year to all.
Tuesday, December 30, 2008
Addison Wiggin's The Demise of the Dollar
Addison Wiggin co-authored two good books, I.O.U.S.A. and Empire of Debt. As a result, I was looking forward to reading The Demise of the Dollar (and why it's even better for your investments). I should not have been so eager. Unless you are a gold bug, skip this book, or get I.O.U.S.A. instead.
First, the title, "The Demise of the Dollar, and why it's even better for your investments," is misleading. Readers don't get any tips or insight on why the dollar's fall would be good for investments until page 157. (My paperback edition has only 181 pages). If you do buy this book, and you agree the U.S. dollar will collapse, you may want to save yourself time and skip to the end if you're looking for investment ideas.
Predictably, the author likes gold and commodities and dislikes the Federal Reserve: "As the value of the dollar begins to fall, a corresponding and offsetting rise in the value of commodities, raw materials, and tangible goods will rise." [p. 157] Gold is mentioned several times as an "ultimate dollar hedge." [p. 175] Wiggin says that America's "decision to go off the gold standard was devastating," [p. 8] and "[n]o fiat money system has ever succeeded." [p. 71] As for the Fed, Wiggin calls it a "banking cartel" and "not part of Congress," making it unconstitutional. [p. 22]
The entire gist of Wiggin's book can be found on page 152:
The consequences [of a declining dollar] will be huge declines in the stock market, savings becoming worthless, and the bond market completely falling apart. As the value of the dollar falls, that dollar will no longer be worth a dollar; it will be worth only pennies on the dollar. It will be a rude awakening for everyone who has become complacent about America's invulnerability.
When Wiggin isn't repeating the same anti-dollar ideas, he makes some good points. For example, he laments the loss of domestic manufacturing: "We've given up making things to sell elsewhere, closed the store, and gone shopping. But we're not spending money we have; we're borrowing money to spend it." [p. 10] Those are good lines, but The Wire said it better:
You know what the trouble is? We used to make sh*t in this country, build sh*t. Now we just put our hand in the next guy's pocket.
A much better way to get the information in Wiggin's books is to watch his movie, I.O.U.S.A. More information, including an excellent 30 minute film, after the jump:
I.O.U.S.A. the Movie
While I recommend the I.O.U.S.A. movie and book, I cannot recommend Demise of the Dollar. It reads like the author finished it in one day and then handed it to students to add the citations. Demise contains nothing that hasn't been said before, by someone else, with more eloquence. That's one reason I.O.U.S.A. is so much better than Demise--it contains interviews with Warren Buffett and other investors who explain the economic times much better than Wiggin, and without the hysterics. (Read my take on the situation here and here.) Readers should skip Demise of the Dollar and watch/read I.O.U.S.A. instead if they're into economic horror stories.
As for me, I agree the U.S. dollar is in for a bumpy ride. That's why I've already bought a commodities ETF (DBC) and some Swiss francs (FXF).
Some stats from Demise:
At the end of 2006, foreign holdings of U.S. dollars had a market value of $16.295 trillion. [p. 43]
U.S. borrowing has expanded to the point that foreign central banks own major portions of the U.S. debt. The Bank of Japan held $668 billion of Treasury securities in 2004, compared to the Federal Reserve holdings of $675 billion. In other words, the Bank of Japan nearly matched the Fed in ownership of U.S. debt...If you just add in China, South Korea, and India, central banks own a lot more debt than the Fed does. [p. 153]
[O]ur actual inflation rates are understated by around two percentage points per year. [p. 30] For more on this phenomenon, click here.
First, the title, "The Demise of the Dollar, and why it's even better for your investments," is misleading. Readers don't get any tips or insight on why the dollar's fall would be good for investments until page 157. (My paperback edition has only 181 pages). If you do buy this book, and you agree the U.S. dollar will collapse, you may want to save yourself time and skip to the end if you're looking for investment ideas.
Predictably, the author likes gold and commodities and dislikes the Federal Reserve: "As the value of the dollar begins to fall, a corresponding and offsetting rise in the value of commodities, raw materials, and tangible goods will rise." [p. 157] Gold is mentioned several times as an "ultimate dollar hedge." [p. 175] Wiggin says that America's "decision to go off the gold standard was devastating," [p. 8] and "[n]o fiat money system has ever succeeded." [p. 71] As for the Fed, Wiggin calls it a "banking cartel" and "not part of Congress," making it unconstitutional. [p. 22]
The entire gist of Wiggin's book can be found on page 152:
The consequences [of a declining dollar] will be huge declines in the stock market, savings becoming worthless, and the bond market completely falling apart. As the value of the dollar falls, that dollar will no longer be worth a dollar; it will be worth only pennies on the dollar. It will be a rude awakening for everyone who has become complacent about America's invulnerability.
When Wiggin isn't repeating the same anti-dollar ideas, he makes some good points. For example, he laments the loss of domestic manufacturing: "We've given up making things to sell elsewhere, closed the store, and gone shopping. But we're not spending money we have; we're borrowing money to spend it." [p. 10] Those are good lines, but The Wire said it better:
You know what the trouble is? We used to make sh*t in this country, build sh*t. Now we just put our hand in the next guy's pocket.
A much better way to get the information in Wiggin's books is to watch his movie, I.O.U.S.A. More information, including an excellent 30 minute film, after the jump:
I.O.U.S.A. the Movie
While I recommend the I.O.U.S.A. movie and book, I cannot recommend Demise of the Dollar. It reads like the author finished it in one day and then handed it to students to add the citations. Demise contains nothing that hasn't been said before, by someone else, with more eloquence. That's one reason I.O.U.S.A. is so much better than Demise--it contains interviews with Warren Buffett and other investors who explain the economic times much better than Wiggin, and without the hysterics. (Read my take on the situation here and here.) Readers should skip Demise of the Dollar and watch/read I.O.U.S.A. instead if they're into economic horror stories.
As for me, I agree the U.S. dollar is in for a bumpy ride. That's why I've already bought a commodities ETF (DBC) and some Swiss francs (FXF).
Some stats from Demise:
At the end of 2006, foreign holdings of U.S. dollars had a market value of $16.295 trillion. [p. 43]
U.S. borrowing has expanded to the point that foreign central banks own major portions of the U.S. debt. The Bank of Japan held $668 billion of Treasury securities in 2004, compared to the Federal Reserve holdings of $675 billion. In other words, the Bank of Japan nearly matched the Fed in ownership of U.S. debt...If you just add in China, South Korea, and India, central banks own a lot more debt than the Fed does. [p. 153]
[O]ur actual inflation rates are understated by around two percentage points per year. [p. 30] For more on this phenomenon, click here.
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