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The Coming First World Debt Crisis by Ann…
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The Coming First World Debt Crisis

by Ann Pettifor

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Marxist diatribe against bankers,

I bought this book after seeing Pettifor on TV, being credited for predicting the current (2007-onward) credit crises. I guess it serves me right that I did not research who the author was. I thought the book was going to be about economics, or that it would throw some light on the nature and extent of the current crisis. Instead, it is a diatribe from someone who seems to be Marxist-Christian-ecologist.

I did find it interesting that modern Marxists are now speaking with praise of certain classes of businessmen, and even extolling their profit-making. However, this praise is reserved only for those who make "real" things. It is a vague term that is an expansion of the Marxist theory of value, updated to include knowledge work...except financial intermediation.

The book is a rant about modern "usury". I made it into about 30 pages but was falling asleep. So, I've listed my copy on Amazon. I'm writing this review because I don't want anyone buying it with the wrong impression.

The book would be a valuable addition to any college student preparing a paper where he would like to argue about the evils of "globalization", how bankers are usurers who are driving us to exhaust the planets resources, or how the gold standard was like a corset. For everyone else, it's pretty much useless. ( )
  realistTheorist | Sep 25, 2009 |
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Amazon.com Product Description (ISBN 0230007848, Paperback)

In this book Ann Pettifor examines the issues of debt affecting the first world or OECD countries. She traces the history and roots of where the current international debt crisis comes from--economic liberalization--and the restructuring of the international financial architecture in the early 1970s. The book goes on to explore the implications of high international indebtedness for governments, corporations, households and individuals. An important and unique contribution is Pettifor's discussion of the justice and morality of debt.

(retrieved from Amazon Thu, 12 Mar 2015 18:15:07 -0400)

"In this book, Ann Pettifor turns her attention from the debt crises of low-income countries to the ballooning debts of the rich, or 'first world' countries. She examines the history, politics and ethics of the coming 'first world' debt crisis, by paying particular attention to financial de-regulation and the 1970s re-structuring of the international financial system. The book highlights threats posed by high levels of debt to governments, corporations, households and individuals. But Pettifor also demonstrates that these debts have implications for the ecosystem, as debtors accelerate their rate of extraction of the earth's assets. An important and unique contribution is Pettifor's discussion of the ethical framework within which debt has been allowed to grow, and the implications for faith organizations. Pettifor contrasts Islam's condemnation of interest and usury with Christianity's more relaxed approach to money-lending, and calls on faith organizations to emulate their prophets and once again 'chase money-lenders from the temple'."--BOOK JACKET.… (more)

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