Bad Money or The Autobiography of Andrew Carnegie and The Gospel of Wealth

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

Author: Kevin Phillips

The bestselling author reveals how the U.S. financial sector has hijacked our economy and put America's global future at risk

In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillips's prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips 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. America's 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.

"Bad money" 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. Bad Money is the perfect follow- up to Phillips's last book, whose dire warnings are now proving frighteningly accurate.

The New York Times - Daniel Gross

Bad Money is perfectly timed for the present, as the foul stench of moldering debt and American decline lingers in the concrete canyons of Manhattan…Phillips is an entertaining writer. His prose is full of jabs and one-two combinations that keep things moving briskly.

Dale Farris - Library Journal

Longtime political and economic commentator Phillips continues the theme of his American Theocracy(2006)-also narrated by Scott Brick (www.scottbrickpresents.com)-with this gloomy projection of a major economic storm brewing on the horizon. Here, Phillips again draws parallels between our current situation and the declines of 17thcentury Spain, the 18thcentury Dutch Republic, and early 20thcentury Britain, parallels over which historians and economists will likely quibble. However, even if his moody pessimism is not entirely defensible, his warnings should provide useful fodder for enlightened, learned voters in the exhausting 2008 presidential campaign. Brick's steady pacing will help listeners sustain focus throughout this informationpacked read. Recommended for university libraries supporting business and economics curricula and for larger public libraries. [Also recorded by Books on Tape. 8 CDs. unabridged. ISBN 9781415949900

New interesting textbook: The Commanding Heights or The Return of Depression Economics and the Crisis of 2008

The Autobiography of Andrew Carnegie and The Gospel of Wealth

Author: Andrew Carnegi

Here is the enlightening memoir of the industrialist as famous for his philanthropy as for his fortune.