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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
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Non-Fiction
The bestselling author reveals how the U.S. financial sector has hijacked our economy and put Americaβs 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 Phillipsβs 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. Americaβs current challenges (and failures) run striking parallels to the decline of previous leading world economic powersβespecially 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.
βBad moneyβ refers to a new phenomenon in wayward megafinanceβthe emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also βbadβ 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 worldβs other currencies. In all these ways, βbadβ finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillipsβs last book, whose dire warnings are now proving frighteningly accurate.
 Media BuzzFair Game with Faith Salie - August 7, 2008
Fair Game with Faith Salie - April 25, 2008
Diane Rehm Show - NPR - April 21, 2008
Diane Rehm Show - NPR - April 17, 2008
Morning Edition - April 15, 2008
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