Purchase
Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
Viking
April 2008
On Sale: April 15, 2008
256 pages
ISBN: 0670019070
EAN: 9780670019076
Hardcover
Add to Wish List
Non-Fiction
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 more 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.
Comments
1 comment posted.
Re: Bad Money
44tt
(Eryn12 Wention 1:39pm April 27, 2008)
Registered users may leave comments.
Log in or register now!
| 
© 2003-2024 off-the-edge.net
all rights reserved Privacy Policy