Synopsis
The original Financial Time Machine (FTM) was published in 2013. Thankful for splendid worldwide reviews and responding to appeals to update the book for the current economic conditions, this constitutes a revised edition. The first version purported to explain how generational waves have washed over our economy since the Civil War, portraying how these have set the course of our economy and predicted the future. Now, ten years have passed, and the obvious question is how did the machine perform? Was it correct? Well, the short answer is that it predicted much of what happened over the last decade. Among some of its projections, the FTM forecast low unemployment, stagnant growth and high inflation resulting in stagflation, all of which came true. We now wonder what is next for our economy.
[Take a journey upon the time machine at YouTube and see what it forecasts at youtube.com/watch?v=oqVXU_CXaRM - All aboard!]
Whenever we have had a large generation such as the War Boom Baby Generation at its financial peak, we have had an extraordinary economic expansion. Conversely, when such a generation starts to retire and downsize, we have had a long-term economic contraction. These generational ebbs and flows set a series of waves that have wahsed over the economy for over 150 years representing a tremendous financial force, the magnitude of which financial advisers and business media have tended to underestimate. Until the millennials, the boomers had been the largest generation in the history of the United States, for which the book’s models predicted the United States’ longest expansion lasting 25 years from 1983 through 2007. During this period, the boomers injected an unprecedented amount of economic stimulus into the economy breaking all the records.
In addition to the previous updated material, the revised version contains four new chapters, the first of which addresses how the FTM performed over the last ten years. It also examines the growing concern expressed in the first book regarding our expanding deficits and unsustainable debt that has escalated even faster than anticipated. If the bill came due at the start of 2023, it would cost the average American family $380,000—the equivalent of 1½ average mortgages. The first book discussed demographic megatrends, such as declining births, marriages and globalization that have affected the succeeding generations. In the intervening decade, these trends have only grown more troublesome.
After examining the current economy and trends in light of the pandemic the last chapters put it all together with a chart that presents the major factors and challenges impacting our economy into the future.
Several renowned economists requested copies of the FTM.
International Reviews
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The Financial Time Machine: Predicting Our Economic Future, Again
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