Description Richard Westra's "The Evil Axis of Finance" fills in pages left blank in the flurry of meltdown writings with a highly accessible account of the insidious forces at work in the global economy. Westra explains, why, despite the existence of a raft of potential international investment outlets, a major share of global wealth and savings is still impelled toward the highly dubious Wall Street-centred casino; why an increasingly gaping chasm has opened up between ever bloating global financial activities and the "real" world economy of production and trade; why wealthy governments' injection of trillions of dollars into stumbling financial sectors across the globe is failing to create decent new jobs; and why, nonetheless, this remains the preferred solution.
He exposes the destructive systemic conditions that make it possible for the US and Wall Street to play a central role in international economic affairs when the US has the world's largest national debt, a gaping trade deficit, an ongoing capital account deficit, an exploding budget deficit, and personal savings hovering near zero. The story Westra tells of international economic depredation and humanity's stolen future is truly chilling.
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From its Wall Street command centre, and funded by Japan and China, the United States ensnares the world's states and people in a sinister, rigged, zero-sum game. This game, played for the narrowest of ends and to the benefit of an international cohort of uber-rich, traps humanity in a twilight zone of long decay, with its major players intent on preventing a more equitable international order from emerging from the detritus.
We ignore the arguments of "The Evil Axis of Finance" at our peril! Product details Format Paperback pages Dimensions x x Review quote "This is the best researched and hardest hitting book yet written on what Westra so aptly refers to as "rotating meltdowns" caused by High Finance's irresponsible expansion of and gambling with debt. It presents a cogent analysis of the long-term underpinnings of the global financial meltdown and the emergent form of capitalism whose logic became acutely visible in the subsequent fallout.
THE EVIL AXIS OF FINANCE The US-Japan-China Stranglehold on the Global Future
Dennis Badeen — October 30, It will be of interest to an academic and general readership as well as to activists, and could be used in upper year and graduate-level political and social science courses, as well as by heterodox economics departments. 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? The present volume clearly answers these questions and more. Emeritus, York University, Canada.
It traces out the complicity of Japan in the game beholden as it was to US anti-communist largesse for its meteoric post-war rise.
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It examines how China, the former communist Cold War nemesis, paradoxically became the next majorunderwriter of US debt and exporter of global deflation as is sets low wage rates for the world. The core message of the book is that if an Axis with a stranglehold on the global future exists it is not that of those pretenders the names of which are bandied about in mainstream media but that of the US, Japan and China.
In a nutshell, the rigged global game undergirding Axis power is that of dollar seigniorage. The way it works is that the US furnishes international money for the cost of running a printing press while the rest of the world produces goods and services in a wage race to the bottom to access those dollars.
And select states, predominately Japan and China though others as well , then store the surpluses they amass in dollar denominated savings. 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 s and early 21st century.
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THE EVIL AXIS OF FINANCE The US-Japan-China Stranglehold on the Global Future – CLARITY PRESS
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