Surplus - by Marc Chandler (Hardcover)

Book Synopsis

Between 2009 and 2026, gold tripled in value, the average American home doubled in price, and cryptocurrencies crashed into existence and soared to a total valuation of $3 trillion. This vast accumulation of wealth is not a sign of economic health. The world is now awash with so much money that investors struggle to find productive outlets for their cash.

In Surplus, Marc Chandler argues that too much of a good thing can bring a society to its knees. After decades of striving for more, humanity is now suffocating under the weight of an unprecedented economic surplus -- a global excess of capital and productive capacity that has grown too large to accommodate. Tracing the history of the surplus, from the first agricultural societies to today's age of negative interest rates and asset speculation, Chandler shows how every great surplus in human history has forced societies to remake their institutions and values. The current surplus is already reshaping the West, fostering inequality and straining the foundations of liberal democracy. Humanity has become like King Midas: everything we touch turns to gold. But unless we learn to manage the surplus, we will end up choking on the very abundance our societies were built to pursue.

In this sweeping examination of surplus throughout civilizations, Surplus shows that times of plenty are an under-appreciated engine of economic growth and social development, sometimes providing a catalyst for radical transformations. Through memorable analogies and sharp insights, Chandler passionately argues for a new synthesis of freedom and equality, showing that the basis for such a transformation exists today precisely because of the vast surplus we have amassed.

Review Quotes

"Surplus pulls off the rare trick of taking familiar material on the world economy and forcing readers to ask new questions and confront that material in a different way. Chandler has long been one of the best and most perceptive commentators on the economy and global markets, and this is his most important book to date. Its central message is almost biblical in its force: 'The devil will find work for idle capital to do.'" -- "John Authers"

"Surplus takes readers on a journey to think differently about the ubiquitous concepts of surplus and abundance in the global economy. In doing so, Chandler makes connections - between the surplus of resources and social/financial inequality, environmental deterioration, democratic erosion, and a polarized political arena - that no other economist has made. Reading this book allowed me to understand linkages that were previously treated as unbundled. Truly original thinking." -- "Jeff Schoenfeld"

"Bracingly original. Economics has always been a study on supply and demand with a primary focus on scarcity. However, the real problem is distribution, not scarcity. Chandler's Surplus makes the case that confusing the two is not just an intellectual error but also a political one, with consequences we are only beginning to live through."-- "Rick Dennen"

"From recent market anomalies that have shocked us, like negative oil prices or negative-yielding bonds, to bigger societal issues like economic inequality and political tensions, Chandler argues that our system has too much, not too little. It's a provocative thesis made in a compelling way, with plenty of historical references and explanations. Surplus changed the way I think about the market and the economy." --Sara Eisen

"Observing that surpluses have historically transformed civilization, leading foreign exchange analyst Chandler provocatively delves into today's economic life and societal functioning, arguing that surplus capital has inflated asset prices, enriched the well-off, entrenched their political power, and weakened society's sense of equity and fairness while undermining democracy." -- "Mark Sobel"

About the Author

Marc Chandler is one of the most highly respected and widely quoted currency experts in the United States today, with more than three decades of experience analyzing the global capital markets and advising private businesses, hedge funds, and major public institutions on policy and market behavior. He currently serves as Chief Market Strategist at Bannockburn Capital Markets.

Chandler appears regularly on major media outlets such as CNBC, FOX Business, and Bloomberg TV and Radio. His writing and commentary have been featured by Barron's, the Wall Street Journal, the Financial Times, The Nation, and the Washington Post, among others. Known for his colorful and incisive takes on global financial and economic news, Chandler is also a sought-after speaker at industry events across the United States. An honorary fellow of the Foreign Policy Association and a Business Visionary named by Forbes, Chandler is the author of Making Sense of the Dollar and Political Economy of Tomorrow. He lives in Manhattan, New York.