By Kevin Phillips
In his acclaimed e-book American Theocracy, Kevin Phillips warned of the perilous interplay of debt, monetary recklessness, and the spiking rate (and becoming shortage) of oil- warnings which are proving to be frighteningly actual. Now, in his most vital and well timed publication but, Phillips takes the entire degree of this drawback. they seem to be a a part of what he calls "bad money"- not only the depreciated buck, but in addition the damaging attitudes and the wrong items of wayward mega-finance. His devastating end: In its hubris, the monetary region has hijacked the yankee economic system and positioned our very international destiny at risk-and it can be too past due to forestall it.
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Additional info for Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
S. 2 Nowhere else were consumers driven to pull so hard on national economic oars. The New York Times rightly observed that “the machinery of American marketing, media and finance all encourage the consumption habit. ”3 But because so many households had stagnant or declining incomes, they had simultaneously to borrow, borrow, borrow. ”4 A vital catalyst had come between 1978 and 1980, when the federal government deregulated credit card and bank interest rates. Ultimately, in 1996, the Supreme Court opened a further Pandora’s box of mischief by ruling in Smiley v.
It was a quest for yield,” said Don Kowalchik, fixed-income strategist at St. G. Edwards. ”15 Nonspecialist readers who have gotten this far may be starting to chuckle. Between 2001 and 2008, according to Bloomberg News, credit default swaps surged from a notional value of $681 billion to a notional value of $62 trillion. ”16 Should one of those institutions fail, and AIG was an even bigger bomb, the falling dominoes could become the financial equivalent of the Black Death. In the fearful global credit conditions after August 2007, skittish-ness sent the cost of these swaps climbing.
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