Provides key principles of both macro and microeconomics, discussing such issues as why budget deficits matter, what the Federal Reserve actually does, and why health insurance is so expensive.

Introduction: everything old is new again -- When personal debt was really business debt (2000 BC-1920 AD) -- Everybody paid cash for the Model T (1908-1929) -- Fannie Mae can save America (1924-1939) -- How I learned to stop worrying and love the debt (1945-1960) -- Discounted goods and distributed credit (1959-1970) -- Bringing good things to life (1970-1985) -- If only the gnomes had known: the hidden world of securitization (1968-1986) -- The house of credit cards (1986-2008) -- Conclusion: turning the magic of borrowing into the reality of prosperity.