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.
|Publisher:||Seven Stories Press|
|Product dimensions:||5.28(w) x 7.98(h) x 0.51(d)|
About 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, LORETTA NAPOLEONI was born in 1955 in Rome. In the mid 1970s she became an active member of the feminist movement in Italy, and later studied as a Fulbright Scholar at Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies in Washington, D.C. She began her career as an economist, and went on to work as London correspondent and columnist for La Stampa, La Repubblica and La Paîs. Napoleoni is the author of the international bestsellers Rogue Economics: Capitalism’s New Reality and Terror Incorporated: Tracing the Money Behind Global Terrorism. She has served as the Chairman of the countering terrorism financing group for the Club de Madrid, and lectures regularly around the world on economics, money laundering and terrorism. Napoleoni lives in London and Montana.
Table of Contents
Introduction: The Warrior's Folly 1
Part I 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
Part 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
Most Helpful Customer Reviews
I like certain things about the author's writing style, and dislike others. And sometimes I like and dislike the same things. The greatest of these is the 'wide-ranging' feel of her prose, such as moving from one topic (The Great Depression) to another (oil) to another (home values and mortgage default rates) in the space of half a page. (Since this is a content issue as well as a stylistic one, I'm guessing the the quality of the translation isn't a factor here.) Napoleoni sweeps from topic to topic, synthesizing and drawing connections, with a confident, direct sort of tone, and quickly. There are brief bibliographic notes at the end, but sometimes only several titles per chapter and often relying on her own previous titles. So, as a reader, I want to be impressed by the scope of her knowledge and her ability to link vastly different subjects and conceptual spheres. But the confidence/brevity also creates a sense that there's a bit of a 'talking to herself/preaching to the choir' going on at times.
I feel that this book is right on target with it criticisms of the US response to 9/11. A great deal of the staggering debt that the country now is burdened by is a result of this response. One of Osama Bin Laden¿s objectives in his terror campaign was to bankrupt the United States and the Bush administration did their best to help him meet that objective. This book does as good of a job of tracing the link between the finances of the war on terror and the global economic crisis as any information source that I have seen.
Overall a fairly good book, Napoleoni¿s arguments are well reasoned but they are pretty standard. ¿Islamic banking¿ was new to me and was by far the most intriguing part of the book. Well written and the bibliographic notes were numerous (the book is worth the price just for these notes), very liberal but it is nice to read a Europeans view of the ¿war on terror¿. The book should have been expanded to make a better argument but it¿s a nice introduction for people that don¿t follow the news.
Napoleoni puts forth an interesting idea that all the current financial problems, the credit crunch, collapse of the sub-prime lending market, etc. is caused by the GWOT. She didn't convince me but she makes some good arguments. High finance is like a foreign language to me, all but indecipherable. Someone who understands it better might be able to poke a lot of holes in her arguments. The book got off to a poor start and I considered giving up on it but since it's an ER book I pressed on and it did get better. The biggest problem I had throughout the book was the lack of footnotes, in their place were bibliographic notes which consisted of a short list of sources broken down by chapter, however not every chapter was included . I found this problematic when I wanted to see where some of her information came from. I would guardedly recommend this to anyone interested in terrorism but definitely not as a starting point. If you don't have a strong interest in the subject matter I would pass on this one.
Very interesting and tempting arguments though smacks of conspiracy theories without sufficient supporting evidence.
Definitely a new argument in why the US economy has been struggling, the Global War on Terror. Although I have liked some of Napoleoni's past works this volume smacks of a theory pushing the limits of reality. While she makes some excellent points as a student of political economy and international affairs I would have liked to see where some of her material was coming from to do further research and to try and understand more thoroughly her argument. Overall, an interesting yet disappointingly argumentative rather than persuasive book.