Bad Money

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The bestselling author reveals how the U.S. financial sector has hijacked our economy and jeopardized America's global future. In a previous work, the author warned of the dangerous interplay between debt, financial recklessness, and the rising costs of scarce oil. The ongoing housing and mortgage crisis exemplifies this foresight and signals a looming national crisis. The author explores the ramifications of misguided economic policies, escalating debt, a collapsing housing market, and the threat to oil resources, highlighting the decline of American dominance in global markets. Current challenges echo the decline of past world economic powers, particularly the Dutch and British, marked by global overreach, worn-out politics, excessive debt, and exhausted energy systems. "Bad Money" captures the emergence of a U.S. economy that is overly reliant on hubris-driven financial services. It also critiques the risk miscalculations and strategic abuses surrounding multitrillion-dollar products like asset-backed securities and hedge funds. Furthermore, the U.S. dollar has weakened, becoming vulnerable to other currencies. This "bad" finance has ultimately failed the American people, steering U.S. capitalism toward a global crisis. This work serves as a timely follow-up, with warnings that are increasingly resonant.