Britannia Radio

Dear Daily Reckoning Reader, From Shanghai to Wall Street, from bankers' lips here in Dubai to the shuffling streets of the City in London, everyone is chanting a single word. World leaders gathered at the IMF meeting in Istanbul this week say it in every sound bite opportunity. You'll see it on the front page of financial newspapers and Web sites. You'll see it discussed in blogs. The word is "recovery." If you're a regular reader of The 5, you know we're more than a little skeptical that a return to prosperity is dead ahead. But you might not know the whole story behind our thinking. That's why Bill Bonner and I recently updated our groundbreaking bestseller, calling it The New Empire of Debt. As you may recall, our first edition made several predictions that seemed bold at the time - the impending housing collapse...the credit crunch...even the recession. We sent a copy to every member of Congress as well as the White House and Federal Reserve. Considering the mess they've made of things, I guess none of them read it. And the one government official who did - US comptroller David Walker - left his post when it became clear that the politicians had no interest in preventing what we saw coming. Instead, he helped us make the film version of the book, I.O.U.S.A. Now the question is, what's coming next? Our updated The New Empire of Debt has some ideas. New sections examine President Obama's economic "fixes" - and their likelihood of success. You'll also get more information about the housing bust, and the steps that must be taken before it can truly recover. And, of course, there's new information about America's tidal wave of debt. Sure, consumers are saving more... But the government just keeps compounding its credit obligations. As you'll discover, both spell bad news for this "recovery." Most importantly, you'll find information about how all this affects you - whether you're investing in stocks, sitting on Treasury bonds and notes or even holding real estate. We offer suggestions and strategies for riding this ill-fated recovery. Follow the link here for the complete rundown of what's in The New Empire of Debt. And just for checking it out, we'll give you a nice discount if you decide to buy the book. But if you decide not to check it out, at the very least, please use extreme caution before investing on any recovery talk. Cheers, Addison