Monday, October 27, 2008

Bad Money by Kevin Phillips

If you're angling for a frightening read this Halloween, instead of picking from the Horror genre, let me recommend Bad Money by Kevin Phillips, a long and hard look at the realities of our economic plight. Phillips examines everything from our mounting public and private debt, the collapsing housing market, the link between oil and our economy, the rise in financial services as a portion of our GDP at the expense of manufacturing, and the hubris and failures in the financial sector.

Though written in late 2007, the book might as well have been authored today, as Phillips clearly saw the consequences of the housing bubble on the overall economy.

Phillips' predictions for the future are grim, and he argues that the likely end of American domination of world markets parallel the declines of previous leading world economic powers, notable especially the Dutch and British.

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