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Bad Money

Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
Apr 25, 2013StarGladiator rated this title 1 out of 5 stars
The problem with Phillips' book (like so much else with Phillips) is that he mixes fact with fiction in order to distract, or redirect, one's attention away from the crimes committed themselves. To put so much of the onus on the CPI bespeaks either an insane individual, or an illiterate, or a professional misinformation specialist. To ignore the real casues: ultra-leverging, ultra-leveraged speculation, and the largest insurance swindles in human history, all thanks to the creation of the "naked swap" (or uncovered or disconnected credit default swap), which originated with Blyth Masters from JPMorgan Chase, truly trvializes the conversation. And the fact that the US Treasury (run by JPMorgan Chase and Goldman Sachs) fully embraces the naked swap explains everything. And add to that the $500 trillion rigging of the LIBOR (London InterBank Offer Rate) rates by the top banksters, with the most disastrous results for city and state governments depending on bonds to raise monies, and the big picture beomes mighty clear, regardless of misinformation specialists like Phillips, Michael Lewis, et al.