Bad Money: Reckless Finance, Failed Politics, and the Global by Kevin Phillips

By Kevin Phillips

In his acclaimed ebook American Theocracy, Kevin Phillips warned of the perilous interplay of debt, monetary recklessness, and the spiking rate (and starting to be shortage) of oil- warnings which are proving to be frighteningly exact. Now, in his most vital and well timed booklet but, Phillips takes the whole degree of this drawback. they're a a part of what he calls "bad money"- not only the depreciated greenback, but additionally the harmful attitudes and the unsuitable items of wayward mega-finance. His devastating end: In its hubris, the monetary region has hijacked the yankee economic climate and placed our very worldwide destiny at risk-and it can be too overdue to forestall it.

Show description

Read Online or Download Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism PDF

Similar economic policy & development books

Corruption in International Business (Corporate Social Responsibility)

It's normal perform to imagine that company practices are universally related. enterprise and social attitudes to corruption, even though, range in keeping with the big variety of cultural norms around the nations of the area. foreign company consists of complicated, ethically not easy, and infrequently threatening, dilemmas that may contain political and private agendas.

International Business and Government Relations in the 21st Century

This publication deals an outlook on family among nationwide governments and multinational businesses that gives large assurance at the key matters more likely to ensure that dating within the new century. From the viewpoint of the corporate choice maker eager about nationwide law and incentive guidelines, to the host executive coverage maker in an rising industry, to the house govt policy-maker in a Triad state, each one measurement is taken into account and analyzed in gentle of the others.

Ethics, Hunger and Globalization: In Search of Appropriate Policies

"Ethics, starvation and Globalization” provides an ethics measurement to the talk and learn approximately poverty, starvation, and globalization. impressive students and practitioners from numerous disciplines speak about what motion is required for ethics to play a much bigger position in motion by means of governments, civil society, and the non-public region to minimize poverty and starvation in the context of globalization.

The Early Modern European Economy

Until eventually lately, research of the early glossy economic climate in Europe has tended to have heroes and villains, the previous being the innovative and "modern" economies of the Netherlands and England, and the latter being doomed, backward and Catholic Italy and Spain. This photograph has now replaced relatively greatly, and there's way more emphasis at the basic development of the eu economic climate in this interval.

Extra info for Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism

Example text

Between George W. Bush’s first and second inaugurals, household debt increased by 39 percent. 1 The Great American Household Debt Binge, 2008 The principal wave of credit card use for debt consolidation and consumption crested in 2005, but industry growth had been enormous. Over the period from 1990 to 2003, the number of card-holding Americans jumped by 75 percent—to 144 million from 82 million. 8 Issuer profits were further swollen by penalty income. CBS News reported that the portion of credit-card issuer profits that came from fees rose from 28 percent in 2000 to 35 percent in 2003 and hit 39 percent in 2004.

Securitization was based on the premise that a fool was born every minute,” Columbia University economics professor Joseph Stiglitz told a congressional committee in October 2008. ” 17 Not exactly, though. The other fools—or worse—were some Americans sitting in large corner offices. Foreclosing on the American Dream: Mortgage Finance and Housing The fifth vehicle of the financial sector’s mega-expansion, hardly a great disclosure, can be treated quickly, in light of the great 2000-2006 media focus on housing, mortgage finance, and related securitization.

Some five hundred new FHCs were also created. S. iron and steel industry. For 2000 alone, total merger and acquisitions activity in the United States hit $3 trillion, by far and away a record (see p. 53). 11 Perhaps unsurprisingly, the new mega-firms took advantage of their new size, funding, and deregulation to experiment, like Icarus of Greek mythology, to see how close they could fly to the sun. With regulation all but suspended, competition to innovate, experiment, and return to the collusions of the 1920s became intense.

Download PDF sample

Rated 4.64 of 5 – based on 36 votes