The New Golden Age: The Coming Revolution against Political Corruption and Economic Chaos

253 Pages·2007·1.17 MB·English

by  Ravi Batra

01 batra fm 11/13/06 4:53 PM Page i
PRAISE FOR RAVI BATRA’S
GREENSPAN’S FRAUD
“The most thoroughgoing assault on the Maestro’s legacy so
far.”
—Fort Worth Star-Telegram
“In this chilling exposé of one of the most powerful men of
our time, Ravi Batra reveals Greenspan for who he secretly is:
An ideologue who has waged war on the American Dream and
imperiled the world economy. Greenspan’s Fraud is a terrifying
book.”
—David Callahan, author of The Cheating Culture:
Why More Americans Are Doing Wrong to Get Ahead
“As always, his economic arguments are expressed elegantly.”
—Publishers Weekly
01 batra fm 11/13/06 4:53 PM Page ii
ALSO BY RAVI BATRA
Greenspan’s Fraud
The Crash of the Millennium
The Great American Deception
The Myth of Free Trade
Japan: The Return to Prosperity
Surviving the Great Depression of 1990
The Great Depression of 1990
Muslim Civilization and the Crisis in Iran
The Downfall of Capitalism and Communism
The Pure Theory of International Trade
The Theory of International Trade under Uncertainty
01 batra fm 11/13/06 4:53 PM Page iii
THE NEW
GOLDEN AGE
The Coming Revolution against
Political Corruption and Economic Chaos
RAVI BATRA
01 batra fm 11/13/06 4:53 PM Page iv
THENEWGOLDENAGE
Copyright © Ravi Batra, 2007.
All rights reserved. No part of this book may be used or reproduced in any
manner whatsoever without written permission except in the case of brief
quotations embodied in critical articles or reviews.
First published in 2007 by
PALGRAVE MACMILLAN™
175 Fifth Avenue, New York, N.Y. 10010 and
Houndmills, Basingstoke, Hampshire, England RG21 6XS.
Companies and representatives throughout the world.
PALGRAVE MACMILLAN is the global academic imprint of the Palgrave
Macmillan division of St. Martin’s Press, LLC and of Palgrave Macmillan Ltd.
Macmillan® is a registered trademark in the United States, United Kingdom and
other countries. Palgrave is a registered trademark in the European Union and
other countries.
ISBN-13: 978-1-4039-7579-9
ISBN-10: 1-4039-7579-5
Library of Congress Cataloging-in-Publication Data
Batra, Raveendra N.
The new golden age : the coming revolution against political corruption and
economic chaos / Ravi Batra.
p. cm.
Includes bibliographical references and index.
ISBN 1-4039-7579-5
1. Political corruption—Economic aspects. 2. Corruption—Economic
aspects. 3. United States—Economic policy—2001– 4. Poverty.
5. Business cycles. 6. Civilization, Islamic. I. Title.
JF1081.B38 2007
330.'0511—dc22
2006050324
A catalogue record of the book is available from the British Library.
Design by Letra Libre, Inc.
First edition: February 2007
10 9 8 7 6 5 4 3 2 1
Printed in the United States of America.
01 batra fm 1/3/07 9:49 AM Page v
To Airié Stuart
This page intentionally left blank
01 batra fm 11/13/06 4:53 PM Page vii
CONTENTS
Acknowledgments ix
1. Global Poverty and Economic Chaos 1
2. The Twin Bubbles: Housing and Oil 15
3. The Cycles of Inflation and Money 39
4. The Law of Social Cycle 53
5. Western Society 73
6. The U.S. Business Empire 85
7. Lies, Damned Lies, and Economists 103
8. The Muslim Civilization 123
9. Roots of the Current Conflict between
Islam and the West 141
10. Our Common Future 159
11. Eradicating Global Poverty: A Call for a
Voter’s Revolution 189
Notes 227
Index 235
This page intentionally left blank
01 batra fm 1/3/07 9:50 AM Page ix
ACKNOWLEDGEMENTS
This book arose from my conversations with Airié Stuart, my edi-
tor at Palgrave Macmillan. I happened to call her in late 2005, at
a time when rising American poverty was capturing headlines.
Every year since the start of the new millennium, a million Americans
had been joining the ranks of the poor with no end in sight even in an
improving economy. Our conversation started on a light note as we ex-
changed pleasantries, but quickly turned serious. Airié expressed her
profound concern for the growing social tumor of poverty afflicting not
just the United States but also the entire globe and asked if I would be
willing to write about the problem. Having edited my latest work,
Greenspan’s Fraud, she felt I was the right candidate to offer simple and
practical solutions to ease the misery of the world’s destitute.
My initial reaction was somewhat lukewarm, because I had been
writing on world poverty for many, many years, and the cures I had of-
fered conflicted with conventional wisdom coming from the economic
establishment, which was and is busy appeasing the interests of the rich
and powerful. “What’s the point in me writing another book on the
causes and cures of poverty,” I asked, “when the real problem is world-
wide corruption that creates and nurtures deprivation all over the
globe?” “Then write on that,” Airié exclaimed. “Prove to the people
that it is corruption that creates poverty here and abroad.”
As I pondered the assignment, I sought to expand the scope of the
book proposal by incorporating the forecasting tools I had explored in
the past, because they offer a mixed but bright message about the fu-
ture. They indicate that the poor are about to multiply all over the
globe, so much so that the oppressed masses will revolt and overthrow
the ruling elite, culminating in a planetary golden age in which poverty
will become a thing of the past. Like many abuses discarded in the dust-