Debt, Deficits, and the Demise of the American Economy is an examination of the worldwide crash that the authors, Peter Tanous and Jeff Cox believe will unfold in the coming years. The book is play-by-play account in which the authors take us to the meetings of national economic leaders and allow us to witness how the various meetings unfold. The authors then move on to European and US debt failures the mounting problems the global economy faces due to growing debt. We are on our way to the point where the massive treasury auction simply fails. These factors will inevitably lead to the Crash of 2012 and the forward-looking authors are describe in detail how it unfolds. The mounting U.S. deficit is a major problem that will result in a major financial calamity soon. How soon? We dont know, but soon enough that we need to be prepared for it. The authors look at strategy for asset allocation. It will become more important than ever to possess real assets such as gold, timber, oil and even farmland. The US economy is headed for a period of massive inflation. The only question is how bad it will get.