This book warns that the world is on the threshold of a savage deflation caused by too much personal, corporate and government debt. Lord Rees-Mogg and his American acolyte, to whom is attributed all the leg work, have been bold enough to set themselves up as 20th-century prophets of doom with more than a modicum of good reason. But their pessimism arises as much from flagrant conservative prejudice as from historical, economic and political analysis.

LRB 9 April 1992 | PDF Download