The World's Best Book Summaries
What are the various religious views on poverty? How do they perceive wealth? In the Christian classic The Cost of Discipleship, Dietrich Bonhoeffer argues that Christians should build wealth in heaven, not on earth. He asserts that earthly belongings contribute to worry, as we have more to lose. However, some religions—even other Christian traditions—disagree with him. Continue reading to learn about various religious views on poverty.
Is a trade deficit a good or bad thing? Could there possibly be benefits to having a trade deficit? According to Stephanie Kelton, an economist and believer in modern monetary theory, the United States trade deficit is actually a strength rather than a weakness. She believes that the trade deficit puts the United States in a position of power because other countries rely on its currency. Here’s a more in-depth look at the U.S. trade deficit from The Deficit Myth.
What is a monetary sovereign? Why does Stephanie Kelton, the author of The Deficit Myth, believe monetary sovereigns can print unlimited amounts of money? A monetary sovereign is a country that is the sole issuer of its own currency, and its currency isn’t tied to a finite object or another country’s currency. Believers of modern monetary theory such as Kelton argue this means they can never be in debt because they can always print more money. Continue reading to learn more about monetary sovereignty and for criticism of their arguments.
Are you looking for an explanation of modern monetary theory? What criteria must a nation satisfy to be considered a monetary sovereign? The short version of modern monetary theory is that there are some nations (like the United States) that are unconstrained in their power to spend money because their currencies satisfy certain criteria. MMT is controversial and is criticized by economists. Continue below if you want to learn more about modern monetary theory, explained with analysis.
What are the three different types of consumer choices? Why can having more shopping choices make you stressed out? According to Barry Schwartz, the author of The Paradox of Choice, there are three types of shopping choices you likely encounter in your life: groceries, electronics, and entertainment. With so many products out there to choose from, Schwartz explains each type of choice and why you should or shouldn’t spend time on them. Learn more about the three types of shopping choices below.
What caused the United States subprime mortgage crisis in 2008? How did the mortgage meltdown spill out into a global financial crisis? The United States subprime mortgage crisis was years in the making. However, few could anticipate one of the biggest financial crises in history—in spite of the warning signs. At its heart, was a relatively new class of asset: the mortgage-backed security. In this article, we’ll discuss how mortgage-backed securities caused the biggest financial crisis in the eight preceding decades.
What do self-made millionaires have in common? What is their secret to building wealth? Most people believe that the key to wealth is getting a “good,” high-paying job. But according to Robert Kiyosaki, wealth generation requires a different skillset and mindset. Learn about the mindset and the soft skills central to wealth building, according to Kiyosaki.
What is subprime lending? How do subprime loans generate profit? Subprime lending is the practice of lending money to risky borrowers. The people who borrow on subprime rates tend to earn low incomes or have impaired credit history. As such, they are willing to pay higher interest rates on the borrowed money. Keep reading to learn about the rise of subprime lending and how it generates profit.
What is the key to being good at investing? What do successful investors do differently? According to financial educator Robert Kiyosaki, the secret to investing is being good at investing. Risk comes from a lack of information. The risk in investing is investing without enough financial literacy or good information. Keep reading for Robert Kiyosaki’s advice for beginner investors.
Do you want to start investing and building your wealth? Can you invest while still in debt? According to Robert Kiyosaki, debt is the biggest obstacle to wealth. Very simply, you need money to be able to invest, and if you are in debt, all the money goes to its repayment. Keep reading to learn about Kiyosaki’s strategy for getting out of debt.