DOWNLOAD ô Bad Money Reckless Finance Failed Politics and the Global Crisis of American Capitalism

SUMMARY ¹ JOHNS-CYCLING-DIARY.CO.UK ¹ Kevin Phillips

Bad Money Reckless Finance Failed Politics and the Global Crisis of American CapitalismReckless Finance eBook #10003 In its hubris the financial sector has hijacked the American economy and put our very global future at risk Bad money refers not just to the depreciated dollar but to the dangerous attitudes and flawed products of wayward megafinance Also bad are the risk miscalculations and strategic abuses of new Money Reckless Finance Failed Poli. I became interested in the book when I saw Phillips on Bill Moyers and Moyers offered a strong endorsement saying that this was the best thing out there to help understand what was happening in the financial crisis From what I have seen tough sledding and all he was right A better title might have been Bad Worse Worst Money Kevin Phillips image fromi BillMoyerscomThis is a very thoughtful information rich look at the shaky underpinnings of the contemporary American economy circa 2008 Our current precarious position was not due merely to crony capitalism or the corruption of the few It is endemic in our system part of a global irresponsibility Booms brought about by credit expansions out of proportion with real economic growth are doomed to bust But burst housing bubbles have a greater and longer lasting effect on the economy that mere Wall Street meltdowns He shows how the government consciously attempts to mask the true inflation rate and thus the value of the dollar by tweaking calculation of the Consumer Price Index to keep it artificially low As many public benefit programs are tied to this it acts as a means by which those on say Social Security are forced to accept annual increases that do not come close to covering the increase in real prices Phillips notes changes in the world the shift from private corporate control of oil to state control although not noting the increase of corporate control over states He sees the increase in foreclosure being a result not just of consumer exuberance but of lender malfeasance This has been well documented since the book came out As boom times extend there is a tendency for such economies to begin to produce less and less stuff and and “financial instruments” In short money but less real product with much of the paper being traded back and forth backed up by exactly nothing At some point it goes boom He notes one credible source that believes the current The Great Recession fiscal problems are the worst in history Really Worse than the Great DepressionThe book is not long only 207 pages but it is no one’s idea of a fast read Although it is not completely opaue Phillips style is somewhat turgid despite his many years on NPR It is thick going for the content but it may be that no one can make a breezy read out of such serious material Obama did what he could to save the nation from a complete economic implosion But many of the protections installed when it was still possible for bills sponsored by Democrats to reach the president have been removed or cut back Just as polluters have now taken over the management of government agencies charged with controlling pollution the economic bad actors that brought us the last major threat to not only our domestic but the global economy are now back in charge Phillips's look at the private acts and public inactions that nearly destroyed our economy is worth studying to better understand the forces that seek to shift and wealth from the middle and working classes to the uber wealthy Yes it most certainly can happen again and in the absence of significant regulatory control of the financial markets it most definitely will happen againReview originally Posted October 2008Review re posted May 22 2015Phillips' stuff Profile on Wikipedia writings in The Nation writings in articles in The American Prospect

Kevin Phillips ¹ 1 DOWNLOAD

Casino like markets and Washington's reliance on misleading statistics about inflation and consumer prices Foreign policy has taken its toll as well The dollar is losing value in the world because of America's financial irresponsibility and indebtedness and the ruinous war in Ira has severely eroded our influence over global oil producers and foreign central ban. Am half way through having stalled due to other books but this tome is a marvelous study of our global financial system and in particular how here the government intervenes to protect those who run roughshod over the rest of us with their bad actions It was written a year before the great crash of 2008 but the author had the coming disaster well in sightAm done one of the curious points in the book was the idea of peak oil which didn't happen due to oil shales and the like but it is a great introduction to the international financial system the potential for the dollar losing its position as THE international currency the rise of state owned oil economies and the emergence of India and China as major competitors

SUMMARY Bad Money Reckless Finance Failed Politics and the Global Crisis of American Capitalism

DOWNLOAD ô Bad Money Reckless Finance Failed Politics and the Global Crisis of American Capitalism Þ ❰Epub❯ ❧ Bad Money Reckless Finance Failed Politics and the Global Crisis of American Capitalism Author Kevin Phillips – Johns-cycling-diary.co.uk In its huTics ePUB #9734 multitrillion dollar products and vehicles like CDOs and SIVs Phillips lashes out at the bad money practices and reckless behavior of buccaneering institutions like hedge funds and tabulates the dangers of hot wiring US home ownership to global credit instability He exposes the Bad Money PDFEPUB or absurd but insistent faith in the efficiency of. This book came out in 2008 This author tackled many of the situations and conditions that lead to the financial meltdown that precipitated the economic downturn our country has been in for the last two or three yearsOne concept that he makes abundantly clear in this presentation is history has a way of repeating itself Attendant to the foregoing goes something like this 'those who ignore or refuse to learn from history are doomed to repeat it history that is' A good deal of the material in these pages is a review of world history particularly the economic political and cultural conditions that lead to the decline of once great nations and empires ie Rome the British Empire Spain etc Much of what happened way back when is happening again in our time and in our countryThere is much to ponder in this book I never detected any tone of political bias as he proceeded to outline the various practices that lead to the reckless finance failed politics and the global crisis of American capitalism One of the major points he makes is the ascendency of financial services becoming 20% of our gross domestic product and manufacturing falling to 13% of the gdp This makes me uneasy I have friends who make their living in this industry But Phillips makes the case for this next statement In its hubris excessive pridethe financial sector has hijacked the American economy and put our very global future at risk By the time I reached the conclusion I was pretty disheartened with the state of affairs in our nation But he made a couple of statements that made me feel better about things He says the United States because of its position as a North American continental economic power with a large resource and population base and further abandoning the hubris there's that word againof military and financial imperialism would also help because both postures represent drags on the American future It also occurred to me that Britain Spain and Italy have not disappeared from the world stage So bring it on China A note to the cautious the author uses charts graphs and terminology that sometimes made me feel like I was sitting in on an upper division course in economics Thankfully he for the most partexplained in everyday language what he was presenting I am glad I finally got around to reading this Check off one from my To Read list