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Summary

A book that is certain to spark controversy within the financial media and throughout the halls of government, The Coming Bond Market Collapse sounds a clarion call to investors, business leaders, and policymakers. Author Michael Pento, a noted adherent of the Austrian school of economics theories, compellingly argues that the United States is fast approaching the end stage of the biggest asset bubble in history. He describes how the bursting of that bubble will trigger a massive interest rate shock that will send the U.S. consumer-driven economy and the U.S. government - now pumped up by massive Treasury debt - into bankruptcy, an event that, in turn, will send violent shockwaves throughout the global economy.

Backed by a wealth of historical and economic data, Mr. Pento examines how the policies followed by both the Federal Reserve and private industry have led, inexorably, to the impending disaster, and he exposes alarming parallels between the U.S. and European debt crises.

But this book isn't all doom and gloom. A top market analyst who accurately foretold the bursting of the housing bubble in most major print and TV media, Michael Pento also provides well-reasoned solutions that government, industry, and individual investors can take to insulate themselves against the coming crisis.

Just as importantly, Mr. Pento delivers proven strategies and tools investors can use to successfully navigate the rocky times ahead and to not only survive the crisis, but capitalize on it.

©2013 Michael G. Pento (P)2013 Audible, Inc.

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Highly biased and of limited value to all levels of listeners.

As a reader, I would be classed as an finance industry professional. I listen to an awful lot of financial theory and post crisis books, most of which provide me with helpful insight and knowledge.

Unfortunately, this book would be damaging to a novice and at best could be used by professionals as training to ignore loud market rhetoric from narrow minded commentators.

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Poor book, misleading and full of bad information.

This book was an enormous disappointment. The author attempts to come across as an authority but my perception is that he is misinformed and has huge holes in is knowledge. He explains various instruments, such as Credit Default Swaps so badly, it made me cringe. Furthermore, he refers to Ben Bernanke as "Banana Ben" and in other parts, he refers to other past leaders as "imbeciles", while I'm unbiased and open minded, this sort of commentary does not inspire feelings of authority. The constant repetition of "de leveraging" and the spurious parallels drawn between the crash of the 1930s and the latest recession is laughable. Not once does he mention that the most significant reason of the 1930s "great recession" was that the balance sheets were extremely weak, which was not the case of the most recent "crash". Overall, a fantastically poor book. Not recommended.

1 of 2 people found this review helpful

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  • DXW
  • 08-12-13

Nothing new, just a regurgitation of many others

What could have made this a 4 or 5-star listening experience for you?

The book promises well reasoned solutions for government and strategies for investors to insulate themselves from the coming bond crisis. It's subtitle is how to survive the demise of the US debt market. I bought the book based on this since there are dozens of others that just go over what is wrong, but provide no solutions.

But you have to suffer though hours and hours of well known economic history and political opinions to extract nuggets of nominal solutions and strategies. The book would be much more valuable if it reversed this ratio and provided much more on solutions and less on what went wrong.

When you finally get to the last fraction of the book on solutions, it is a let down. It starts with a long treaties on the benefits of a free market, greatness of capitalism and personal responsibility, etc in a chapter that is supposed to be about his 8 government solutions. Then the solutions are not actionable - example: Solution 1: "US must let de-leveraging occur" but does not suggest how to do this without destroying the economy and wiping out wealth of the middle class. The solution is simply "let it clear". The rest of the "Solutions" are the same. After ten hours of history, very little depth is given to how to implement the common sense solutions provided. Only broad brush statements like "The Fed must get out of the way", "Balance the budget and cut taxes to 10%", "Don't tax the rich, but cut spending", "Stop Federal Welfare/Education/Roadways", "Reduce unemployment", "De-regulate", etc. with little / no insight on how best to implement. Great ideas - if only the book gave insights on the best strategies to realize these solutions.

I would love to see a book that would tell us solutions instead of problems: How should Roosevelt have brought faith back to the banks? How should Nixon have stopped the massive outflow of gold? What should Rome have done to avoid economic collapse? How should the US reduce massive and growing Defense, SSN, Medical, Welfare spending to avoid the Rome-like economic decline while managing the loss of defense and increase in poverty when we cut spending? How do we fix ever increasing wealth inequality? How do we invest for the future? How do we take advantage of bubbles? What are the signs to get out of a bubble? All these issues are brought up by the author, but poorly addressed if at all.

What character would you cut from The Coming Bond Market Collapse?

Shorten the historic - so many other books already cover this. I was hoping this book would be different and discuss what should have been done instead. Also more on what we should do fix our country and personal finances.

Tired of hearing about Roosevelt, Nixon, Bretton Woods, von Mises, Rome, greatness of the founding fathers and the negatives of fiat based economies. We all know the benefits to a gold tied dollar and small government - but tell us what they should have done and what we need to do as the book promised. Tell us more about how to implement the suggested solutions instead of a bunch of 20/20 hindsight like all other books of this ilk.

Any additional comments?

If you've read Currency Wars, Battle of Bretton Woods, Great Deformation or other like them, then don't bother with this book. If not, then this book is a nice overview of how we got into the mess we are in, but very little (nothing) on what should have been done or what we should do going forward to fix / survive.

8 of 8 people found this review helpful

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  • Chess Mad
  • 28-08-14

Too much repetition

Any additional comments?

This book has some valuable sources of info. However it scores poorly for many reasons, some of which have been previously described by other reviewers.
1. It is very partisan message for Libertarian view and is vehemently anti-Democratic party – so objectivity is questionable.
2. Many concepts are introduced, e.g., open market operations, Basel III without discussing in more detail what there are.
3. Many abbreviations, e.g., CDS, M2 are used without explaining what these are.
4. No logical progress of thought through the book. So considerable repetition, usually as a rant. Could have used a good editor.
5. Many opinions provided, e.g., working of Feds under Dr Bernanke as opposed to Volcker, but a systematic analyses using facts, figures and historical outcomes is not undertaken. So a lot appears to be the author’s personal opinion and not an objective treatise.
6. The most important section of this book should be how to survive a bond market collapse. This takes 10 minutes of the 13-hour book and is very skimpy on details.

3 of 3 people found this review helpful

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  • Ashanti
  • 04-03-15

and than there was another money book...

in my search to complete my book collection about Money I thought I need to learn more about the Bond Market. That is very deceiving because he more or less touches on the subject in the last chapter. But this book tells you nothing new, and others are better written.

1 of 1 people found this review helpful

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  • Chris
  • 27-06-18

Good but not as good as Jim Rickards

Pento has some good financial advise but he oversimplified many things. He blames government for everything missing that complexity is the enemy and it can come from government, companies or a combination of both. Pento also does not understand obesity and should not use it as an analogy. Pento should read Jason Fung MD on that topic.

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  • suite
  • 22-04-17

Mr Pento is a genius. Well written and explained.

Michael Pento's book is a compelling narrative about how finance works and what we need to do to restore the US to a strong footing

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  • Philip M
  • 30-11-16

Must read for investors to prepare

I've read a lot of authors who did a great job but Michael filled a lot of gaps in future scenarios that they weren't clear about. He made investment strategies clear.

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  • CRascon
  • 11-02-16

Amazing!!!

Everyone should read/listen to this book. It's the most important financial book of our generation. Those that don't listen to the message will regret it for the remainder of their life. It's an absolute must read/listen.