It was fitting that Richard Duncan sequestered himself in Bangkok to write his latest book "The Corruption of Capitalism," a postmortem of the credit bubble that crippled the world's financial system.
Duncan learned first hand from working in Thailand for most of the 1990s in the runup to the Asian financial crisis that rapid credit growth causes excess capacity and leads to busts. Then governments have to finance rescue plans — very similar to what is now taking place around the world.
After predicting in his 2003 book "The Dollar Crisis" that the U.S. property bubble would trigger a global recession, Duncan's new book argues that governments will have to keep stimulating their economies because U.S. demand for cheap goods will not return to the halcyon days of the 2003 to 2007 boom. (more)
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