Bad Money

Kevin Phillips (1940-2023)
was the author of 15 books.
In 1952 and 1956 he campaigned for
Dwight D. Eisenhower
for President of the United States.

As an analyst he turned to statistics to explain political behavior. To begin with, at the outset of his career, he felt you could ask him about any congressional district in the country and he could tell you it’s ethnic composition, voting history,
plus issues that would appeal to the electorate.

However, he warned of dangers that should be carefully watched.

For instance, in his 2007 book
BAD MONEY:
Reckless finance failed politics
and the global crisis of American Capitalism

He cites Gresham’s Law:
named after Sir Thomas Gresham stated as,
“Bad money drives out good money,
but good money cannot drive out bad money”

Stated another way,
“In a global free market bad capitalism
tends to drive out good capitalism”

For example,
‘Dubai Mumbai Shanghai
Goodbye Hong Kong, London New York’

Therefore, an over dependence on foreign oil, borrowed money and the abandonment
of American civil liberties, The Constitution
and Democratic values an ‘erring majority’
can overreact posing a true clear and present danger to the global economy.