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Endgame: The End of the Debt Supercycle and How It Changes Everything

3.73  ·  Rating Details ·  738 Ratings  ·  70 Reviews
Greece isn't the only country drowning in debt. The Debt Supercycle--when the easily managed, decades-long growth of debt results in a massive sovereign debt and credit crisis--is affecting developed countries around the world, including the United States. For these countries, there are only two options, and neither is good--restructure the debt or reduce it through auster ...more
ebook, 336 pages
Published February 9th 2011 by Wiley (first published January 1st 2011)
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Sep 30, 2012 James rated it did not like it  ·  review of another edition
Shelves: finance
This is another hideously bad book trying to ride on the GFC.

p69 makes comparison to a NASCAR race,
"Gentlemen, start your engines"

p 136 "just as every schoolchild knows that water is formed by the 2 elements of hydrogen and oxygen...
so bad deflation has its own elements of composition.

What an ugly metaphor!

p 222 "The Greek people never learned to pay their taxes...
because no one is every punished.
It's like a gentleman not opening a door for a lady."

Is that even uglier than the previous composi
May 15, 2013 Erwin rated it it was ok  ·  review of another edition
The sort of economic summary that only anglophiles write.

The english speaking world is dominated by Keynesian and Austrian economists. From an American prospective, they like the Democrats and the Republicans. They agree (ie, are opposed to) all the things to make middle class citizens better off long term, but they profess a long list of differences that fire up the masses, getting us to line up against each other.

The actual economic strategy of the United States if Military Keynesianism. Inste
Nov 15, 2011 Ritesh rated it really liked it  ·  review of another edition
Recommends it for: Anyone interested in a simple explanation of the current financial crisis.
Posted here:

I have been reading John’s newsletter for over 5 years now, and have rarely been disappointed with it, or disagreed with his ideas about where the US and world economy are headed. So when I saw this book, I picked it up expecting the same in-depth analysis and succinct conclusions.

Let me start by saying that I am completely on board with their basic premise of the book – ‘It is the end of the line for debt fueled economic expansion. Western governments
Dec 07, 2011 David rated it liked it  ·  review of another edition
Recommends it for: Chicken Littles, Greeks, Politicians
I'm a science-and-engineering guy. I can handle math and statistics well enough, but I am certainly not very well-versed in economics. However, like anyone else who's paying attention, I can see that our economy is in serious trouble and that we've just been forwarding the bill on to the next generation for quite a while now.

Endgame is not a macroeconomics textbook, but the first half of the book makes sure the reader is clear on the difference between inflation and deflation, recession and depr
Eric Wurm
Macroeconomics is largely a failed science. Everyone who has ever read a macroeconomics textbook has an opinion on economic policy, and almost everyone will be wrong. Why? Because the economy is too large a system to forecast the effects of policies over any significant length of time. In other words, it's chaos. Show me an economist that can predict the future and I'll show you a weather man that can predict the weather. Yeah, right!

The authors of this book are like any other macroeconomists, t
Feb 19, 2012 Andrew rated it it was amazing  ·  review of another edition
Shelves: economics, investment
I think this may be the most important economics book of our current time. I found out about John Mauldin from a friend (an interesting "blue-collar" fellow who became a millionaire by investing, it is what happens when you read and don't waste your time drooling in front of a TV or computer).

Endgame is split into two parts. Part one is "The End of the Debt Supercycle." In my opinion it is the most consumable and understandable explanation of macroeconomics that anyone could ever read. Mauldin
Feb 16, 2014 Yazeed rated it it was amazing  ·  review of another edition
I found this book super interesting, hence the five stars.

In 2008 the US housing market went bust, and mayhem followed. This book sheds some light on what went wrong, why it was inevitable, and how the "debt super-cycle" might end for the US, Japan, the UK, and several EU countries.

Being not that familiar with macroeconomics, I found some parts a challenge to understand completely. However, the authors did a good job of attempting to explain them.

Some facts from this book are really shocking,
Jul 15, 2014 Natali rated it really liked it  ·  review of another edition
If you think the global debt crisis doesn't effect you, read this book and you'll be as freaked about our global economy and political climate as I am. What a mess we've gotten ourselves into!

Don't read this book if you're looking for investment advice. There isn't any of that in here. It is just a well-researched compendium of why the global debt crisis will be hard for everyone - and I do mean everyone! The authors go country by country and explain what is happening, what should have been lea
Oct 16, 2011 Julie rated it did not like it  ·  review of another edition
The debt supercycle phrase is intruiging and verbally appealing like a giant contraption or a whirlygig and brings to mind Immanuel Wallerstein's long and short cycles in Wallerstein's World Systems Theory. And Yet, in the global economy that cycles I ask, has the global IPE ever been in quite a debt situation this humongous? Maybe it is more like the debt super-spiral.

The charts and numbers in the pages are a teeny-tiny, making it very hard to see the big claims in the tiny big numbers.
May 08, 2013 Book rated it really liked it  ·  review of another edition
Endgame: The End of the Debt SuperCycle and How It Changes Everything by John Mauldin and Jonathan Tepper

"Endgame" is a very solid, evenhanded book about the somber realization that we are at the end of the debt supercycle; we are at endgame. The book is broken out into two main parts. In the first part, the authors go through the basics of global economics and try to explain what happened. In the second part, they go around some of the most influential countries and explain the unique economic
Graham Mulligan
Endgame; The End of the Debt Supercycle and How it Changes Everything
John Mauldin and Jonathan Tepper

Reviewed by Graham Mulligan

In the introductory essay the authors sum up the problem, quoting Wimpie from the Popeye cartoon, “I will gladly repay you Tuesday for a hamburger today” and Jean Mannet, “People only accept change in necessity and see necessity only in crisis”. The debt supercycle started more than 60 years ago and the first half of this book examines economic theory and recent econom
Narrated by Sean Pratt

9 hrs and 40 mins

Publisher's Summary

"We all know we have seen the end of an era, and now we have courtside seats to watch the Endgame unfold. We are watching the end of Act I: The Debt Supercycle. Now we will get to see how Act II: The Endgame plays out."—John Mauldin & Jonathan Tepper (Chapter 1)

Hundreds of books have been written about the financial crisis that engulfed the world after Lehman Brothers went bankrupt. But what if the bigger financial crisis is ahead of
Q. Which one among the following has been included as a parameter for the first time under the National Ambient Air Quality Standards (NAAQS), based on central pollution Control Board and IIT, Kanpur research, WHO guidelines and European Union limits and practices?
1 Sulphur dioxide
2 Oxides of nitrogen
3 Ozone
4 Carbon monoxide
Ans: 3
Q. Which one among the following regarding G-20 is not correct?
1 A group of developed countries
2 An integral part of the United National
3 Outside the World Bank
Aug 26, 2011 Erick rated it really liked it  ·  review of another edition
Shelves: economics
A "must read" for Financial Professionals and anyone managing money over the next 10 years

Just finished this book and I really enjoyed it. I've been a subscriber to John Maudlin's newsletter for a few months now, so I was curious about 'Endgame'. The book did not disappoint. I read a great deal of economic commentary, and in this context I found several aspects of John's book most useful and enjoyable.

For starters, John's stylistic perspective is very well-balanced. While his message is a sombe
Jul 04, 2012 Ken rated it liked it  ·  review of another edition

As i'm sure everyone here reading this knows, there has been allot of pessimist running around preaching their "End of the world" sermons. I for one, do not trust the intelligence of people who just read any random articles they can find on the internet that caters to their belief systems.People don't verify their information when they learn it, a much needed habit that we should have in our society of today. Especially since this is the information age. I wanted an unbiased opinion, from some p
Dec 20, 2016 Adrian rated it really liked it  ·  review of another edition
Endgame is a politicians nightmare. It tells the reader what they need to hear, not what they want to hear. Rather than talking down the problems facing the world economy, the severe indebtedness, the overleverage, and the lack of good options, Endgame simply tells it like it is.
A decent relief is that Endgame is, unlike most other works, a US-centric book. While it does focus on the US economy, it provides a worldwide tour of similar debt crises, ranging from Japan, to UK, to Hungary, Greece an
Oct 18, 2011 Marshall rated it really liked it  ·  review of another edition
I've read several of these financial doomsaying books now, and this is without a doubt the best. It's obvious they've done their homework, and they present it matter-of-factly, without ranting or whining, supported by many, many graphs. Most of the graphs are quite illustrative, but some of them are hard to dicipher. This book treats the subject globally, as it truly is, rather than just griping about America. There are other countries quite worse off than us. This book does a fabulous job at ex ...more
Apr 27, 2011 Sylvia rated it liked it  ·  review of another edition
I'm reading this on my NookColor. The "publisher's settings" are dismal, rendering charts as 1"x2" little graphics that are in many cases unreadable, and formulae in a fragmented tiny font that takes a detective to unravel. The margins are too big and the text is too big, and the whole presentation is clunky and frustrating.

Then, there is the miserable typesetting. What does this sentence mean: "..and Kindleberger (as well as some others) are given the credit for the pioneering work debt, which
My poor rating for this book is not based on the subject matter. Sovereign (government) debt levels are important. It is true that Central banks have taken unprecedented steps during the Great Recession to prevent a complete collapse of the money supply. Steps which were necessary to prevent another great depression, but the consequences of such actions are not fully known.

It is difficult to recommend this book because the authors are loose with their analysis and borderline alarmist. The book
Tim Jin
Dec 06, 2013 Tim Jin rated it really liked it  ·  review of another edition
Unlike other financial and economic books that I've read, Endgame tackles the current problem in the world crisis. I like this book because unlike reading about history, you are reading the modern crisis and clear cut explanation on what is going on.

For example, the simple example on what is going on with Grease and you don't need a MBA to understand. The author also does a sub par job at explaining what should we do to increase our GOP. While it's not groundbreaking ideas, such as adding 30 ce
May 02, 2013 Gordon rated it really liked it  ·  review of another edition
Extremely well written review of the status of world finance and macro-economics. A superb and sobering account of how precariously we are living on borrowed time as we wait an inevitable "financial, economic adjustment'. Our government debts, monetary expansion, and trade deficits are unsustainable. The authors lay out the very sound reasons we must change policies or suffer the extreme consequences soon - not during our children's lifetime, but during our lifetime. Of little consolation is tha ...more
Ann has a dirty mouth
I liked the book a lot when he was merely describing the problems facing world economies in layman's terms, but his solutions were kind of a joke to me. Eighty nuclear power plants across America won't cause anything except Armageddon. When I grew up, many of my classmates were Ukrainian immigrants- many of which had horror stories of their relatives picking up nuclear waste with their hands because no one knew any better. These days we all do know better, and we should not be willing to sacrifi ...more
Aug 16, 2012 Scott rated it liked it  ·  review of another edition
Shelves: economics
Every congressman should read it. There are tough decisions to be made and I'm not sure our leadership is up to it. This would be a tough read (dry) for some, but if you want to avoid reading it, you can watch a presentation he did that is a good summation of the book. The link is "". Think cutting spending by $200 billion (or more) a year for the next five years. That's what we need to do.

At around 1:12 into the video, I was happy to hear him address
Robert Mahon
May 20, 2013 Robert Mahon rated it really liked it  ·  review of another edition
Very good, comprehensive overview of the debt problem in the world today. I think Tepper and Mauldin did a very nice job presenting just the right amount of historical background, thereby painting a good picture for the non-economist. I think Endgame would be a very nice compliment to Niall Ferguson's "The Ascent of Money".
One thing to keep in mind is the amount of US public debt held by the Fed. Is this really debt? Truly, I's estimate it is not. The Fed pays all interest back to the US Treasu
Jun 16, 2012 Joel rated it really liked it
Mauldin is a master of making the complex palatable. In Endgame, he often shares conversations between himself and his many (mostly adopted) children about the mind-numbing macro events in the world today, because if he can make them understand, readers should get the gist. Considering the subject matter, Mauldin succeeds more than most in making global fiscal and monetary trends comprehensible. His take is pessimistic, but the arguments are well-researched, quantitatively supported, and often u ...more
Mar 29, 2012 dejah_thoris rated it it was ok  ·  review of another edition
Shelves: non-fiction
I suffered through this one because I really felt I needed to understand the global economy. The material is dry and fairly dense but you do get to understand all those financial terms and their implications if you pay attention. I found myself re-reading quite a bit out loud to my parrot though in order to follow his arguments. And I don't know if they're easier to read or less distracting in the hard copy, but all the graphs in the ebook and their placement really cut into the flow of the text ...more
Jan 21, 2013 Misteeyed rated it really liked it  ·  review of another edition
Author discusses in depth the extent of the rising debt loads of governments vs their respective Gross Domestic Product around the world. A good description of how central banks manipulate the amount of currency in circulation and can thus cause inflation or deflation and what it means to "monetize" debt with examples of countries who have done so. He gives a review of how deleveraging works and causes wealth destruction. Author writes these concepts in clearly understood language without jargon ...more
Aug 21, 2012 William rated it it was amazing  ·  review of another edition
Mauldin and Tepper have written a truly important book on the economc situation facing the USA and most of the world. While filled with data, curves and forecsts, this book is readable and important for all concerned citizens. We, the US and the World, are on the brink of a major disaster, a disaster that can be controlled, if not prevented, by proper and careful political actions. The path the USA is on at present gives little hope for mitigation--let's pray for a new cadre of politicians who u ...more
Jun 23, 2011 Wellington rated it really liked it  ·  review of another edition

This book can get really dry and dense with lots of charts and facts that could make your head spin.

However, just the "letter" he wrote to his children about why Greece matters earns the book 4 stars. It's really that powerful, and easy to understand.

John is my favorite armchair economist who honestly and transparently tries to understand the world and explain it to us. Thought-provoking and actually rather optimistic, anyone with a more than mild interest in understanding economics should read
May 07, 2011 Patrick rated it really liked it  ·  review of another edition
It's a compilation of some of John Mauldin's email newsletters, but it still reads well. The authors refrain from predicting particular outcomes or exact timing of the consequences, but make a convincing argument that we have painted ourselves into an economic corner.

In essence, the failure of Greek sovereign debt is the direction that the entire developed world is headed without serious, painful choices now. If we do not make those choices now, the amount and duration of the pain only grows. In
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John Mauldin is a renowned financial expert, a best-selling author, and a pioneering online economic commentator. His weekly e-newsletter, Thoughts From The Frontline, was one of the first publications to provide investors with free, unbiased information. Today, it is one of the most widely distributed investment newsletters in the world, translated into many languages. He is also the President of ...more
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