The Evil Axis of Finance: The US-Japan-China Stranglehold on the Global Future

The Evil Axis of Finance: The US-Japan-China Stranglehold on the Global Future

by Richard Westra


View All Available Formats & Editions


Richard Westra's "The Evil Axis of Finance" fills in pages left blank in the flurry of meltdown writings with a highly accessible account of the insidious forces at work in the global economy. Westra explains, why, despite the existence of a raft of potential international investment outlets, a major share of global wealth and savings is still impelled toward the highly dubious Wall Street-centred casino; why an increasingly gaping chasm has opened up between ever bloating global financial activities and the "real" world economy of production and trade; why wealthy governments' injection of trillions of dollars into stumbling financial sectors across the globe is failing to create decent new jobs; and, why, nonetheless, this remains the preferred solution. He exposes the destructive systemic conditions that make it possible for the US and Wall Street to play a central role in international economic affairs when the US has the world's largest national debt, a gaping trade deficit, an ongoing capital account deficit, an exploding budget deficit, and personal savings hovering near zero. The story Westra tells of international economic depredation and humanity's stolen future is truly chilling. From its Wall Street command centre, and funded by Japan and China, the United States ensnares the world's states and people in a sinister, rigged, zero-sum game. This game, played for the narrowest of ends and to the benefit of an international cohort of uber-rich, traps humanity in a twilight zone of long decay, with its major players intent on preventing a more equitable international order from emerging from the detritus. We ignore the arguments of "The Evil Axis of Finance" at our peril.

Product Details

ISBN-13: 9780932863904
Publisher: Clarity Press, Incorporated
Publication date: 03/15/2012
Pages: 244
Product dimensions: 6.00(w) x 9.00(h) x 0.50(d)

About the Author

Richard Westra 's teaching has taken him around the world including Queen's University and Royal Military College, Canada, the International Study Centre, in East Sussex, College of The Bahamas, Nassau and Pukyong National University, South Korea. He has been a Visiting Research Fellow at Focus on the Global South/Chulalongkorn University Social Research Institute, Bangkok, Thailand. Currently he is Designated Associate Professor of Political Science, Graduate School of Law, Nagoya University, Japan. His work has been published in numerous international academic journals. He has authored and edited ten books including Political Economy and Globalization, Routledge, 2009 and Confronting Global Neoliberalism: Third World Resistance and Development Strategies, Clarity Press, 2010.

Read an Excerpt

In 2006-7 through the darkest days of the 2008-9 meltdown into this second decade of the 21st century, waves of financial and systemic crises have swept the world. First came trillions of dollars in emergency first aid for "victims” - Wall Street's private multinational banks and financial intermediaries, insurance companies and mortgage lenders, as well as assorted non-financial multinational corporations. Second, the blame game: Was it the fault of snoozing regulators, rating agency conflict of interest, a "shadow banking system” of derivatives traders, delusions of ivy league "quants”, Ponzi-scheming criminals, or some combination of them? Third, were surveys of spreading mass public trauma: collapse of local banks, burgeoning personal debt peonage, increasing homelessness and spiraling unemployment in the US and elsewhere. ..But, as entertaining a read as the m

Table of Contents

Introduction 15

Chapter 1 The "Free World" Design for Prosperity 29

Constituents of a New Real Economy 31

The Golden Age Algorithm 47

Chapter 2 Japan and China in the Future Perfect Tense 50

Anticommunism and the Rebirth of Japan in the "Free World" 52

"Free World" Exclusion and the Rise of Mao Zedong China 60

Chapter 3 From Golden Age to Globalization 71

What Goes Up 72

The US at the Global Crossroads, But Hardly Sinking Down 80

Chapter 4 Idle Money is the Devil's Playground 93

"Resident Evil" 97

"Fists Full of Dollars" 106

Chapter 5 Rotating Meltdowns 115

"Banksta's Paradise" 120

"For a Few Dollars More" 135

Chapter 6 The Chains of China 146

The Chinese Connection 150

Charles Dickens Meets Henry Ford at the Pearl River Delta 161

Red Queen, White Queen 165

Chapter 7 The Armageddon Trifecta 174

The Tea Party is Over 181

The End of Food 197

No "Day After Tomorrow" 204

Conclusion: Whither The Exits? 209

Endnotes 213

Index 240

Customer Reviews

Most Helpful Customer Reviews

See All Customer Reviews