Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism

[flashl]

Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism (Hardcover)

BuzzFlash.com's Review (excerpt)

...

In short, Kevin Phillips debunks the notion of American economic dominance and reveals that we're living a charade, being sold siren songs of super power prowess that's built on trillions of dollars in debt.

The truth is that the American economy is now mortgaged to foreign nations.

And the Wall Street financial industry has no patriotic interest in America. They just go where the money is.

...

"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.


BuzzFlash

[crazymans economics]

1. "Crazyman's Economics" tackles a similar subject...

Unfortunately, it doesn't have the major publishing backing yet, but once the word gets out, and people read Phillips' book alongside CE, it will make clear what we have to do to prevent the house of cards from falling.

CE will be available in mid-May.