Foreign Bonds: An Autopsy Foreign Bonds: An Autopsy
By Max Winkler
1999/12 - Beard Books
1893122433 - Paperback - Reprint - 313 pp.

Through analysis and comparison with other countries whose contractual obligations are in default, Max Winkler describes the transformation of the United States from a debtor nation to the world's most powerful creditor.

Publisher Comments

Category: Banking & Finance

Of Interest:

The Work of the Bond House

The Principles of Bond Investment

Railroads: Finance & Organizations

Foreign Bondholders and American State Debts

State Insolvency and Foreign Bondholders: General Principles

State Insolvency and Foreign Bondholders: Selected Case Histories of Governmental Foreign Bond Defaults and Debt Readjustments

Presenting a compendium of governmental defaults through the ages, this unique book attempts to shed light on the reasons for the collapse of the credit of nations and the effects of suspension of payments on their economic and financial structure. The springboard for Max Winkler's book is the awesome fact that at the end of 1933, 22.3 billion dollars of contractual obligations of governments, states, and municipalities were in default. Moreover, he presents a potentially dry subject matter of great importance in an unusually interesting and witty manner.

No book review available

Max Winkler immigrated to the U.S. from Romania in 1910, became a professor of languages but was turned down for a teaching position because he was Jewish. Undaunted, Max found a job teaching economics at City College. In 1929, he started the brokerage firm Bermard, Winkler & Co. on the 11th floor of the New York Stock Exchange. He then authored three books on bonds and later wrote a New York Times-syndicated column on bonds and investing. 

Foreword ix
Introduction xi
I. The United States, Bankers to the World 1
The Re-discovery of America
The Golden Age
United States Loans to Friend and Foe
The Two-fold Function of the Dollar, Destroying and Rebuilding
The Conversion of the American Investor
America Discovers the World
The Business of Thinking for Others
America, the Chosen Land
Center of Finance Moves to Banks of Hudson
The Rise and Fall of the New Era
II. Default and Repudiation 8
Definitions of Terms
Attitude towards Defaulters
A Blunderer from Pennsylvania
The Growth of the Debt Burden
Productive vs. Non-productive Loans, as Illustrated by France and Germany
The Government, a Preferred Risk
Guarding against Defaults
Government vs. Private Credit
III. Historical Review 21
Frequency of Default
Types of Default
Default in Ancient Times
Default in the Early Part of the Christian Era
Default in the Middle Ages
Modern Defaults
Chronic Defaults by Latin American Borrowers
Russia's Debt Repudiation
IV. Causes of Default 47
Drastic Political Changes
Exorbitant and Unjust Rates
Unwise Investments
Maldistribution of Gold
Tariff and Other Restrictions
Decline in Commodity Prices
Excessive Borrowing
V. Causes of Default (Continued) 58
The Misleading Prospectus
Playing with Matches and Explosives
Bribing a President's Son
Risking Money in Minas
The A. B. C. of War Debts
VI. Experience of Creditor Nations 134
Great Britain
United States
VII. Protective Measures 146
Financial Control
Central Europe
Baltic States
Latin America
Drago Doctrine Discarded
VIII. Protective Measures (Continued) 153
British Protective Organization
The French Association
The German Association
The Swiss Bankers Association
The Belgian Protective Association
The Netherlands Association
Protection for American Investors in Foreign Bonds
Lack of International Cooperation between the Associations
IX. Summary 179
1. Tables of Defaults of Foreign Nations and States 182
2. Tables of Defaults of Individual States of the United States 203
Index 287

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