"Investors in 2000 looking back at the 1990s could have been pardoned for feeling euphoric. The S&P 500 (Chart 1.1) had risen 237% since 1992-a compound annual rate of 16.4%. This gain followed a plethora of troubles at the end of the 1980s-the savings & loan crisis that corresponded with...

Day shows that the policies being pursued in Europe, Asia, and the United States are very similar to Japan's failed policies of the past twenty years and, therefore, doomed to similar results. According to Day, the economic theories behind those policies are flawed and account for why most...