Book: Debts, Deficits, and the Demise of the American Economy

Debts, Deficits, and the Demise of the American Economy is a book co-authored by Peter J. Tanous and Jeff Cox. Numerous researchers participated in the project, one of whom being freelance business reporter and researcher Zachery Kouwe.

The book quotes Alan Greenspan, the former chairman of Federal Reserve:   “The problem we now face is the most extraordinary financial crisis that I have ever seen or read about.”

Throughout the book, the authors present facts and assessments of what they believe to be the worst financial crisis ever to hit the US. Calling it a “financial Armageddon”, the book claims the disaster will begin with the downfall of the PIIGS nations, including Greece and Ireland. The collapse will result in a major crisis in European banks, followed by a sharp decline in euro value. This will further influence the world equity markets, stock markets, and bond markets. Interest rates will increase rapidly, and the financial crisis will have already dug its claws into the American economy. The US Treasury will cave under the pressure, states will fall into municipal debt, and the country will find itself drowning in the highest levels of inflation in history.

While the summary certainly seems far-fetched and highly unlikely, the book lays out facts, analysis and undeniable accounts of the current and future state of the world’s financial system.


James Allenby is the editor of Gowanus Lounge, bringing to his position a vast background on New York, and especially Brooklyn history, culture and lifestyle. Born and bred in the heart of "the County of Kings" James Allenby knows what it means to be a Brooklynite, and imparts this meaning at all times to his readers. Contact James at info(at)