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 | Kevin Phillips | bad money

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Bad Money: Reckles...

	Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism Kevin Phillips Viking Adult, 2008 - 256 pages average customer review:based on 27 reviews view larger image
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highly recommended

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.

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Great

Reading this book requires some background knowledge in economics and finances, but it's great. It's packed with statistics (hence the subject matter) and it has a kind of academic vibe, so it's not for everybody. But it's very insightful and a great critique of what American capitalism has become. A supplemental read for those interested in solutions to our environmental and economic woes, should read "Natural Capitalism: Creating The Next Industrial Revolution."

bad money

If you intend to invest in property,now is the time. Read this book and find out why. The markets are headed down as globalism continues to outsource the wealth of working Americans. Read this book and find out who set this down ward spiral into motion. There is plenty of information to cover anybody's political preferences even for a left leaning author, he hits all the bases.

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

The book is excellent, the research appears unbiased and objective, and the delivery of the information is direct without being dogmatic. The mainstream media should be so honest about the mess we're in!

Phillips Loses Sight of an Essential American Trait

I have spent four decades reading Kevin Phillips' books. In other forums, I have identified him as one of my favorite authors and analysts.

In my mind he has authored at least brilliant books: The emerging Republican majority, The Politics of Rich and Poor: Wealth and the American Electorate in the Reagan Aftermath and Wealth and Democracy: A Political History of the American Rich. It is difficult for me to say, this book does not measure up to his early high analytic standards

He is not known as a flamethrower. In the past he offered clarity where there was confusion. These books provided my first exposure to emerging national trends. He was trained as a lawyer. His research is meticulous; his arguments convincing.

But he is wrong.

His argument ignores an essential trait of the American people: we are practical; we pride ourselves in being problem-solvers. Each day at work, we are asked to place a size 13 foot into a size 10 shoe. Not only are we good at the "impossible," we love the challenge.

In his latest book, Phillips argues what he terms "megafinance"-- the perilous interaction of debt and financial recklessness coupled with cost of oil dooms us to a crisis. Readers familiar with his work, already recognize he has lost one evil leg of his previous argument in American Theocracy: The Peril and Politics of Radical Religion, Oil, and Borrowed Money in the 21stCentury - the danger of what he termed "Patriot Pastors." Those of us who are not quite so alliterative know them as right-wing evangelicals. The American voter dispatched them during the last mid-term elections.

I am not positing everything is rosy. It is not. As a country we face serious problems. What I am saying, however, is that anytime during the past 40 years Phillips has been analyzing the American scene he could have seized on any number of problems at the time those books were published and come to the same this book's conclusion.

But it did not happen.

The American people rose to the occasion and conquered the problems they faced. I have no doubt they do the same this time.

Phillips, as he always does, delivers a skillful and thought-provoking argument against dynastic leadership. The book is worth reading. According to Phillips, Americans will knuckle under. I believe they will rise to the occasion.

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reviews: page 1, 2, 3, 4, 5, 6

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