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.
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.