Book Cover
Book
Author Phillips, Kevin, 1940-

Title Bad money : reckless finance, failed politics, and the global crisis of American capitalism / Kevin Phillips
Edition [Updated ed]
Published New York : Penguin Books, 2009

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Description lxxiv, 272 pages : illustrations ; 22 cm
Contents Preface to the revised edition : After the fall : The inexcusable failure of American finance -- Introduction : the panic of August -- Finance : The new real economy? -- Bullnomics : its favoritism and fictions -- Securitization : the insecurity of it all -- Peak oil : a potential pivot of the 2010s -- The politics of evasion : debt, finance, and oil -- The global crisis of American capitalism -- Afterword : Speculative capitalism endangered : The domestic and global consequences -- Appendix : Global public opinion and the loss of respect for the United States, 2003-7
Summary In this book, the author 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 powers - especially 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. This book refers to a new phenomenon in wayward megafinance - the 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 world's other currencies. In all these ways, 'bad' finance has failed the American people and pointed U.S. capitalism toward a global crisis
Notes "First published in the United States of America by Viking Penguin , ... 2008. This edition with a new preface and new afterword published n Penguin Books 2009" --verso t.p
"Fully updated through the 2008 election" --rear cover
Bibliography Includes bibliographical references (pages 241-260) and index
Subject United States -- Economic conditions -- 2001-2009.
United States -- Economic conditions -- 20th century.
United States -- Economic policy -- 2001-2009.
United States -- Economic policy -- 20th century.
ISBN 9780143114802 (paperback)