Terrorism and the Economy: How the War on Terror is Bankrupting the World

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Overview

While we feared that al-Qaeda might destroy our world, Wall Street ripped it apart.

Economist and bestselling author Loretta Napoleoni traces the link between the finances of the war on terror and the global economic crisis, finding connections from Dubai to London to Las Vegas that politicians and the media have ignored. In launching military and propaganda wars in the Middle East, America overlooked the war of economic independence waged by al-Qaeda.

The Patriot Act boosted the black market economy, and the war on terror prompted a rise in oil prices that led to food riots and distracted governments from the trillion-dollar machinations of Wall Street. Consumers and taxpayers, spurred by propaganda, accepted crushing global debt.

Napoleoni shows that if we do not face up to the many serious connections between our response to 9/11 and the financial crisis, we will never work our way out of the global recession that now threatens our way of life.

Editorial Reviews

Publishers Weekly

Napoleoni (Terror, Inc.) lays the blame for the current economic crisis on the Bush Administration's response to 9/11. Launching unwinnable wars on two fronts was, she argues, not only a disproportionate response, but came with unintended consequences. Because the Administration did not think it was feasible to raise taxes to cover the cost of the wars, the U.S. was dependent on international finance, particularly China. This bankrupted the U.S. economy, Napoleoni argues, and triggered "the biggest credit crunch in modern history," while creating conditions for the emergence of Islamic finance as "the most dynamic sector of global finance." Swinging from sweeping generalizations to genuinely intriguing ideas, the author draws upon past characterizations by Adam Smith, Karl Marx, and John Maynard Keynes of what she calls "true, authentic capitalism." She calls the capitalist of the past "an adversary worthy of respect" in comparison to those today, "made rich by globalization who are either thieves or simpletons."
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Product Details

ISBN-13: 9781583228951
Publisher: Seven Stories Press
Publication date: 2/1/2010
Pages: 170
Sales rank: 1,207,305
Product dimensions: 5.28 (w) x 7.98 (h) x 0.51 (d)

Meet the Author

A woman of the Left who garners praise from Noam Chomsky and Greg Palast at the same time as she is quoted respectfully in Forbes and the Wall Street Journal, economist LORETTA NAPOLEONI has been an advisor to national governments while being one of the harshest of critics of the underlying principles and policies of the current world banking system. Napoleoni’s books, including Rogue Economics: Capitalism's New Reality (a Publishers Weekly Best Book of 2008) and Terror Incorporated: Tracing the Money Behind Global Terrorism, have been international bestsellers and are translated into eighteen foreign languages. A longtime activist, a former Fulbright Scholar at Johns Hopkins’ Paul H. Nitze School, a Rotary Scholar at the London School of Economics, and chair of the Club de Madrid countering terrorism financing group, Napoleoni has traveled widely in the Middle East and around the world. Her essays and columns have appeared in the Chicago Tribune, La Stampa, La Repubblica, El País, and Le Monde. Her most recent book is Maonomics: How Chinese Communists Make Better Capitalists Than We Do.

Introduction The Warrior's Folly 1

Pt. 1 Scared to Debt

1 Dubai: The Rise of Islamic Finance 11

2 The Money Trail: Islamic Finance in the Bahamas 21

3 The War on Terror: America's Suicidal Mission 31

4 The Reversal of the Crusades 41

5 Bleeding America Bankrupt: Bin Laden Fulfills His Dream 57

6 The USA PATRIOT Act: A Self-Inflicted Wound 73

7 Oil as a Retaliatory Weapon 83

8 Scenes from the Global House of Cards 93

Pt. 2 The Fall of the Global House of Cards

9 The Bubble Bursts 105

10 The Politics of Fear 109

11 Las Vegas and Dubai: "Mirror, Mirror, on the Wall, Who's the Richest of Them All?" 121

12 The Danger of Protectionism 135

13 A New Economic Model 141

Bibliographic Notes 153

Index 159

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