I usually read a book first before I recommend it. But this is a book, I believe, you need.

Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism by Kevin Phillips. It’s on Amazon.

Why recommend this before I read it?

I’ve read Phillips other books. The best is American Theocracy. It’s a warning of a failing American civilization. Phillips compares the U.S. Empire to the fall of the Roman, Dutch, and British Empires. We’re doing the same things: extreme religious leaders hinting at Armageddon; dwindling energy resources; over-extending our foreign policy reach; and piling debt.

Is he right? I say yes. However, with awareness like this, we could alter our demise. But know this: Phillips, in American Theocracy, indirectly predicted the credit crunch – two years ahead of time. The book was published in 2006. He said a downturn in the housing market could leave millions “in financial jeopardy not seen in generations.”

He also quotes Churchill who said “the seeds of imperial decay and national ruin” follow “the swift increase of vulgar jobless luxury.” I tend to think that the majority of us are fat, happy, and stupid. My antidote: a sweeping program of education for everyone about the new economy and the Information Age.

Phillips is harsh about the current and past policies of both presidents named Bush. He also points the finger (maybe he gives the finger) to the oil and automotive industries. He believes the War in Iraq was an excuse to keep them afloat. If you can find me an argument against that, I’d like to hear it.

Before you think Phillips is a raving liberal Democrat, he’s a Republican strategist.

If you read Bad Money before I do, please mail me your review.