For those inclined to hide their savings in the mattress, this book may provide all the justification needed.
Economic analyst Rickards (The Road to Ruin: The Global Elites' Secret Plan for the Next Financial Crisis, 2016, etc.) prophesies scary times to come as the economic crisis of 2007-2008 grinds on.
“This coming crisis is as predictable as spring rain.” So writes the author of the enervating effects of economic policies that remain in place despite the damage they have wrought. For instance, he argues, the net effect of low interest rates as a means to stir up action in the economy was “the housing bubble and subprime mortgage crisis that exploded in 2007.” The next two years saw the near destruction of the international monetary system and the need to bail banks out worldwide—and according to Rickards, things haven’t gotten much better. The weak links in the chain are many, including likely debt crises in emerging markets such as Turkey and Indonesia, to say nothing of money market funds that seem to exist in order to finance the banks, not reward investors, and use strategies made all the more vulnerable by reliance on algorithms and “robo-advisers.” The author advises numerous ways to harden one’s finances against what he sees as the inevitable apocalypse lurking in plain view: He extends the usual advice to diversify, for example, by urging that readers invest in “cash, gold, and alternatives” and otherwise allocate investments in a “barbell portfolio” that consists of equal parts inflation protection (in gold and other hard assets) and deflation protection (in Treasury notes and the like), all balanced by cash. His views are a touch alarmist, but those who remember the events of a dozen years ago will likely form a persuadable audience. In any event, his advice seems largely sound and well defended, especially his exhortations to be wary of passive investments and asset-draining managers.
For those inclined to hide their savings in the mattress, this book may provide all the justification needed.Pub Date: July 23, 2019
ISBN: 978-0-7352-1695-2
Page Count: 336
Publisher: Portfolio
Review Posted Online: April 27, 2019
Kirkus Reviews Issue: May 15, 2019
Harris still has plenty to learn, but he provides an informative study of why the millennial generation faces more struggles...
A millennial writer talks about the coming crises his generation will face.
Millennials—defined by the author as those born between 1980 and 2000—have been sold on the idea that if they work hard in school, forfeiting play and creative time for work and sports, and go on to a four-year college, where they continue to work hard, then a solid, well-paying job awaits them once they graduate. But as Harris (b. 1988), an editor at New Inquiry, points out, many in that age group have discovered there is no pot of gold at the end of that particular rainbow. In today’s competitive economy, he writes, “young households trail further behind in wealth than ever before, and while a small number of hotshot finance pros and app developers rake in big bucks…wages have stagnated and unemployment increased for the rest.” Those who manage to attend college are often burdened by high student-loan debts, forcing them to work any job they can to pay the bills. Athletes who attend college on a sports scholarship pay with the physical wear and tear on their bodies and the stress of high-stakes games alongside a full academic schedule. Harris also evaluates how millennials interact with social media (a topic that could warrant an entire book on its own), which creates a never-ending link to nearly everything every day, never giving anyone a chance to unwind. Professional musicians, actors, and other performing artists face strong competition in a world where anyone can upload a video to YouTube, so those with genuine talent have to work that much harder for recognition. After his intense analysis of this consumer-based downward spiral, the author provides several possible remedies that might ease the situation—but only if millennials step forward now and begin the process of change.
Harris still has plenty to learn, but he provides an informative study of why the millennial generation faces more struggles than expected, despite the hard work they’ve invested in moving ahead.Pub Date: Nov. 7, 2017
ISBN: 978-0-316-51086-8
Page Count: 272
Publisher: Little, Brown
Review Posted Online: Aug. 28, 2017
Kirkus Reviews Issue: Sept. 15, 2017
BOOK REVIEW
BOOK REVIEW
A brisk and thought-provoking anatomy of shopping in the 21st century.
A study of the fraught world of retail in the age of Amazon.
The latest from Wharton School professor Kahn (Marketing/Univ. of Pennsylvania; Global Power Brand, 2013, etc.) notes the sweeping chaos and disruption among American retailers. Dozens of such name-brand national businesses have either shut down outlets or shut down completely in recent years. She opens her account of this upheaval by identifying what she sees as seven key forces at work, including massive advertising data-collection; vertical integration in order to control all aspects of a brand; an excessive number of brick-and-mortar stores; a younger, less brand-loyal customer base; retail customers moving to cities, away from sprawling suburbs and shopping centers; and a general shift toward online shopping across multiple platforms. But the main focus here, which the author calls “the gorilla in the room,” is the online retailer Amazon.com, with its “fierce understanding of what customers want.” Amazon fills these wants with a seemingly unbeatable combination of basics, she says, including low prices, fast service, responsive returns, and all-inclusive convenience. The company’s model is a familiar one, she points out—it was used, for instance, by Walmart in the 1990s—but the amount of resources that Amazon has put behind it has caused other retailers, big and small, to scramble to adapt. Kahn studies strategies by successful businesses, such as cosmetics retailer Sephora and eyeglasses store Warby Parker, and she offers readers “the Kahn Retailing Success Matrix,” which looks at variances between different aspects of the retail process. Kahn lays this all out with a brevity and clarity that’s extremely effective. She also makes ample use of simple charts, designed to show the different quadrants of her Success Matrix—“Product Benefits,” overall “Customer Experience,” and the specific abilities to “Increase Pleasure” and “Eliminate Pain Points”—as they flow into and sharpen one another. At times, the tenor of the book seems willfully reductionist, as it likely takes more than faithful adherence to a successful matrix to give a small mom-and-pop bookstore, say, a chance against a corporate juggernaut. That said, modern retailers will find the book’s breakdowns of the essentials of retail helpful for widening their perspective and keeping the bigger picture in view. Particularly insightful are her examinations of “Generation Z,” the “digitally native millennials” whose relationship to traditional advertising and retail is very different from those of customers of the past. The author also treats the changing nature of brick-and-mortar buying-and-selling with pleasing nuance. Indeed, she makes a case for the necessity of a brick-and-mortar renaissance, and the urgency of creating “highly compelling in-store customer experiences” to make that happen. It’s also a canny move for Kahn to get into the nitty-gritty of how a handful of companies have maintained their success, as it provides a welcome counterweight to the book’s tendency toward extensive theorizing.
A brisk and thought-provoking anatomy of shopping in the 21st century.Pub Date: June 12, 2018
ISBN: 978-1-61363-086-0
Page Count: 174
Publisher: Wharton Digital Press
Review Posted Online: June 14, 2018
Review Program: Kirkus Indie
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