Bad Money

Bad Money

Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism

Book - 2008
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In his acclaimed book American Theocracy , Kevin Phillips warned of the perilous interaction of debt, financial recklessness, and the spiking cost (and growing scarcity) of oil- warnings that are proving to be frighteningly accurate. Now, in his most significant and timely book yet, Phillips takes the full measure of this crisis. They are a part of what he calls "bad money"- not just the depreciated dollar, but also the dangerous attitudes and the flawed products of wayward mega-finance. His devastating conclusion: In its hubris, the financial sector has hijacked the American economy and put our very global future at risk-and it may be too late to stop it.
Publisher: New York : Viking, 2008.
ISBN: 9780670019076
Characteristics: xiv, 239 pages :,illustrations ;,24 cm.

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StarGladiator
Apr 25, 2013

The problem with Phillips' book (like so much else with Phillips) is that he mixes fact with fiction in order to distract, or redirect, one's attention away from the crimes committed themselves. To put so much of the onus on the CPI bespeaks either an insane individual, or an illiterate, or a professional misinformation specialist. To ignore the real casues: ultra-leverging, ultra-leveraged speculation, and the largest insurance swindles in human history, all thanks to the creation of the "naked swap" (or uncovered or disconnected credit default swap), which originated with Blyth Masters from JPMorgan Chase, truly trvializes the conversation. And the fact that the US Treasury (run by JPMorgan Chase and Goldman Sachs) fully embraces the naked swap explains everything. And add to that the $500 trillion rigging of the LIBOR (London InterBank Offer Rate) rates by the top banksters, with the most disastrous results for city and state governments depending on bonds to raise monies, and the big picture beomes mighty clear, regardless of misinformation specialists like Phillips, Michael Lewis, et al.

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delfon
Nov 19, 2011

A wonderful and insightful characterization of the changing economy. If anyone is wondering what is happening, Kevin Phillips stint in Republican ranks shows how another real Conservative views the momentus changes taken place.
Finacialization he terms has changed the whole society -- and may lead us to where we do not wish to to. Much in the manner of Judts, Ill Fares the Land, or Mauldins "Engame" -- but, in respect to the latter, this author shows the real debt problems start with individuals who racked up tremendous debts in the 1987-2007 period ($11 Trillio to $48 Trillion).
He posits the US is losing control over world events, with rising disrespect for US allegiance and fears of foreigner of a depreciating USD.
The rise of a shadow banking system via pension funds,brokers,.
The disaster that was promoted by a former Fed Reserve head. The manipulation of statistics (CPI, Unemployment) The threats of depegging of USD, Hidden money creation (M3),Highly endebted banks, the crescendo of
US private debt soring throughout the world. As one top
banker states and is quoted:
the Federal Reserce has..."mismangaged the biggest
risk of our times.....overtime America's bubbles have gotton bigger as have the segments of the economy they have created."...
higher interest rates are needed --- to "break the endless chain of asset bubbles",,, S. Roach, chairman, Morgan Stanley..
In summation, the author postulates.....5 things that characterize this era.
1)-the financializing of a hiterto (formerly) more diversified ecomony.
2)-using massive debt to do so.
3)-following up stock market bubbles with other bubbles (a larger housing and mortgage one
for sure).
4)quadrupling US credit-market debt between 1987-2007
5)and consumating these events with a mixxed performance of dishonesty, incompetence, and quantitative negligence.

Asia is the biggest gainer, but whether an Anglo led exconomy just dies out is up for debate, for there is no main candidate for leading the world (Singapore, Hong Kong, Tokyo Shanghai??)
However, he points out, no previous world economic power has engaged a full-fledged economic renaissance after becoming unduly enamoured of finance.

This is quite the expose and gives one pause to reflect on investments, living arrangements, careers and life choices.

..

2
21288004246712
Dec 21, 2008

timely comment from a lefty

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