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Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism | 
| Author: Kevin Phillips
Publisher: Viking Adult
Category: Book
List Price: $25.95
Buy New: $17.13
You Save: $8.82 (34%)
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Rating:  70 reviews
Media: Hardcover
Pages: 256
Number Of Items: 1
Shipping Weight (lbs): 1.1
Dimensions (in): 9.1 x 6.2 x 0.1
ISBN: 0670019070
Dewey Decimal Number: 330.973
EAN: 9780670019076
ASIN: 0670019070
Publication Date: April 15, 2008
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| Editorial Reviews:
Product Description
The bestselling author reveals how the U.S. financial sector has hijacked our economy and put Americas 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 Phillipss 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. Americas current challenges (and failures) run striking parallels to the decline of previous leading world economic powersespecially 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 megafinancethe 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 worlds 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 Phillipss last book, whose dire warnings are now proving frighteningly accurate.
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| Customer Reviews: Read 20 more reviews...
Phillips November 30, 2008
Moira E. Mccaffrey
This is a great book about the origins our our current financial straits. It's not a light read but compelling and thought provoking to be sure.
It details America's rise as global financial hegemon and offers predictions about what the future of the global economy will look like. Phillips offers four predictions for the future of the world economy namely that (1) Asia will dominate the global economy by 2030 (2) China will be the dominant player within Asia (3) Some city with a large Chinese population will eventually emerge as a financial capital, rivaling London and New York and (4) the leading currency in Asia will have a global reserve function by 2030 (p. 182).
There are also a number of interesting facts sprinkled throughout the book. One figure I found fascinating was the ranking of principal suppliers of crude oil to the US. It turns out that Canada is our leading source of oil, accounting for 1.85MM barrels per day. It's followed by Mexico, Saudi Arabia, Venezuela, Nigeria, Angola, Algeria, and Iraq (p. 139).
A great book, and one I could see myself re-reading again in 6 months.
Why isn't this guy President? November 24, 2008
John Brownin (Alabama)
1 out of 1 found this review helpful
Good book. I was surprised at how right on he is. We are even studying this book as a companion to our Bible Study (who would have thought).
Bad Money is a good read! November 20, 2008
David M. Cann
This is a must read for any elected pol who thinks they know whats going on.
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