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The Evil Axis of Finance: The US-Japan-China Stranglehold on the Global Future

ISBN: 9780932863904 | 0932863906
Format: Paperback
Publisher: Scb Distributors
Pub. Date: 4/30/2012

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Why, despite the existence of raft of potential international investment outlets, is a major share of global wealth and savings impelled toward a United States (US) Wall Street-centered casino ? Why has an increasingly gaping chasm crystallized between ever bloating global financial activities and the "real" world economy of production and trade? How is it that wealthy governments'injecting trillions of dollars into stumbling financial sectors across the globe is failing to create one new decent job? This book connects the dots linking the 2008 meltdown--and over a decade of dress rehearsals for it--to a rigged global financial game that is unraveling the very foundations of modernity. This game cemented US international dominance even as it simultaneously attained the status of world's principal debtor economy. In a nutshell, the rigged global game undergirding Axis power is that of dollar seigniorage. The US furnishes international money for the cost of running a printing press while the rest of the world produces goods and services, competing to push wages to the bottom to access those dollars. Select states, predominately Japan and China (though others as well), then store the surpluses they amass in dollar denominated savings. The US access to investment capital through little substantive economic effort, as it in fact incurs exponentially burgeoning debt, underpinned its seemingly out-of-this-world economic performance across the 1990s and early 21st century. The book deftly explores the set of momentous though largely unrecognized consequences for the global future which flow from this rigged game.

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