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

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More About This Book

Overview

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.

Editorial Reviews

From Barnes & Noble
There is no one quite like Kevin Phillips. As a political strategist, he earned fame and presidential recognition as the author of The Coming Republican Majority, but since then his astute political and economic commentary has cut across party lines, excoriating leaders on both sides for ineptitude and cowardice. Bad Money might be best seen as the even more focused sequel to his American Theocracy. Clearly, Phillips thinks that the situation has grown worse since that 2006 book: "The parallel to the historical Achilles heels of previous leading world economic powers -- global over-reach, worn-out politics, excessive debt, financialization and exhausted energy regions -- are chilling." No simple jeremiad, Bad Money is an alarum against the politics of evasion.
Daniel Gross
Bad Money is perfectly timed for the present, as the foul stench of moldering debt and American decline lingers in the concrete canyons of Manhattan…Phillips is an entertaining writer. His prose is full of jabs and one-two combinations that keep things moving briskly.
—The New York Times
More Reviews (1) Fewer Reviews
Library Journal

Longtime political and economic commentator Phillips continues the theme of his American Theocracy(2006)-also narrated by Scott Brick (www.scottbrickpresents.com)-with this gloomy projection of a major economic storm brewing on the horizon. Here, Phillips again draws parallels between our current situation and the declines of 17thcentury Spain, the 18thcentury Dutch Republic, and early 20thcentury Britain, parallels over which historians and economists will likely quibble. However, even if his moody pessimism is not entirely defensible, his warnings should provide useful fodder for enlightened, learned voters in the exhausting 2008 presidential campaign. Brick's steady pacing will help listeners sustain focus throughout this informationpacked read. Recommended for university libraries supporting business and economics curricula and for larger public libraries. [Also recorded by Books on Tape. 8 CDs. unabridged. ISBN 9781415949900
—Dale Farris

Product Details

  • ISBN-13: 9780670019076
  • Publisher: Penguin Group (USA) Incorporated
  • Publication date: 4/15/2008
  • Pages: 256
  • Sales rank: 1,215,991
  • Product dimensions: 6.22 (w) x 9.24 (h) x 0.93 (d)

Meet the Author

Kevin Phillips has been a political and economic commentator for more than three decades. A former White House strategist, he has been a regular contributor to the Los Angeles Times and National Public Radio, and has written for Harper's Magazine and Time. He is the author of ten books, including The New York Times bestsellers American Theocracy and American Dynasty.

Table of Contents

Preface to the Revised Edition: After the Fall: The Inexcusable Failure of American Fianance xi

1 Introduction: The Panic of August 1

2 Finance: The New Real Economy? 29

3 Bullnomics: Its Favoritism and Fictions 69

4 Securitization: The Insecurity of It All 96

5 Peak Oil: A Potential Pivot of the 2010s 120

6 The Politics of Evasion: Debt, Finance, and Oil 154

7 The Global Crisis of American Capitalism 179

Afterword: Speculative Capitalism Endangered: The Domestic and Global Consequenses 210

Appendix: Global Public Opinion and the Loss of Respect for the United States, 2003-7 237

Notes 241

Index 261

Customer Reviews

Average Rating 4.5
( 15 )

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Sort by: Showing all of 16 Customer Reviews

  • Posted December 17, 2008

    Provocative

    Kevin Phillips gives a provocative analysis of our current economic crisis. Except that incredibly he did it a year before it came to pass. We are now living the predictions made in this book. He also gives a good analysis of how it came to be - the mechanisms that allowed it to happen, the bad decisions that were made, the hubris that created the environment. And he does it all in a user friendly way.

    4 out of 4 people found this review helpful.

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  • Anonymous

    Posted May 1, 2008

    A Wake-Up Call for the USA

    Kevin Phillips once again provides a thoughtful and provocative analysis of the economic and social condition of the United States. Not for the mindlessly jingoistic: the USA needs a little tough-love if it wants to maintain its leadership role in the world and Phillips provides great background for the tough decisions ahead, if there are any politicians or citiziness out there brave enough to make and fight for them.

    3 out of 3 people found this review helpful.

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  • Posted August 25, 2009

    I Also Recommend:

    9781842776476 9781898855538 9781842771419 9781596915985 9781586486686

    Brilliant study of capitalism's economic, political and moral failure

    In this brilliant book, Kevin Phillips, a long-time student of the USA, exposes Wall Street's greed, criminality and stupidity. He also exposes the governments which thought they had 'picked a winner' in Wall Street as a whole. They passed laws keeping finance outside the law and gave hedge funds a licence to create debts which acted as money.

    The USA's bloated financial sector grew from 12% of GNP in the 1980s to 21% by 2005, at the expense of manufacturing industry, which fell from 25% to 12% of GNP. The market does not help industry by its bets on changes in asset prices.

    The problem is still Wall Street's toxic debts in banking, insurance, real estate and securities. From 1987 to 2006 the USA's total credit market debt rose from $11 trillion to $44 trillion, 340% of GDP. Wall Street has borrowed $15 trillion since 1983. Derivatives were $615 trillion in 2008, up from $14 trillion in 1993. Mortgage debt doubled to $10 trillion.

    Obama has cosseted, not controlled Wall Street, aiding even greater concentration of economic power. The bailouts rescued the five biggest commercial banks (Citigroup, JP Morgan Chase, the Bank of America, Wells Fargo and Wachovia), and the five biggest investment banks (Goldman Sachs, Bear Stearns, Morgan Stanley, Merrill Lynch and Lehman Brothers), the top four mortgage firms and insurance giant AIG.

    But Obama has not required the banks to lend to the real economy. Instead, federal dollars are funding gross bonuses and salaries.

    Phillips goes on to show how the new seven sisters are not private US firms, but state-owned oil companies: Saudi Aramco, Gazprom (Russia), PetroChina, the National Iranian Oil Company, Petrobras (Brazil), Petronas (Malaysia) and Petroleum de Venezuela. They control 75% of world petroleum reserves. OPEC is moving towards pricing oil in euros not dollars.

    Phillips shows how the attack on Iraq led to soaring oil prices, transferring vast wealth from the USA and Britain to the oil-producing nations. He stresses the need for energy security and calls on Americans to abandon 'the hubris of military and financial imperialism', to strengthen their manufacturing industry and curb their bankers.

    1 out of 1 people found this review helpful.

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  • Posted July 18, 2009

    Great for all interested in the state of the United States.

    The author's incisive opinions and broad knowledge make this volume essential reading for thoughtful readers.

    1 out of 1 people found this review helpful.

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  • Posted January 18, 2010

    Worth your time

    Bad Money offers an in-depth look at the major contributing factors that caused our current recession. It provides historical background as well as the application of empirical research. This combination makes it suitable reading whether or not one possesses a strong business acumen.

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  • Anonymous

    Posted September 21, 2008

    Coming home to roost

    Well what can you say. The U.S. Goverment is going to spend at least 700 Billion dollars to bail out the companies of these criminally negiligent a__holes.

    0 out of 5 people found this review helpful.

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