Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
Bad Money Reckless Finance Failed Politics and the Global Crisis of American Capitalism Author:Kevin Phillips The bestselling author reveals how the U.S. financial sector has hijacked our economy and put America’s global future at risk — In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once mor... more »e of Phillips’s prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. America’s current challenges (and failures) run striking parallels to the decline of previous leading world economic powers—especially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.
“Bad money” refers to a new phenomenon in wayward megafinance—the emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also “bad” are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the world’s other currencies. In all these ways, “bad” finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillips’s last book, whose dire warnings are now proving frighteningly accurate.« less
If you ant to understand why manufacturing is no longer a concern in Washington D.C. this is a book you should read.
And the future doesn't look any brighter after reading this book.
It's a great book on the subject of American foreign & domestic policy and finance.
He should be congatulated for more or less predicting the debt crisis of 2008, this was published in April, 2008, based on the statistics he uses here, most of the book was written before September, 2007. However, he is so over the top in his language, it tends to make me say "So what?".