The Great Unraveling: Losing Our Way in the New Century

The Great Unraveling: Losing Our Way in the New Century Paul Krugman Date: September, 2003   —   $17.65   —   Book product page Rating:

If you've never read Paul Krugman's articles in the New York Times, you're really missing out. This guy really cuts through the crap when it comes to economics.

I have the English version of the book, published by Penguin, so I don't know if the US version has the same introduction. I hope so. It's a brilliant analysis of the Bush administration and the radical right as "A Revolutionary Power".

The leaders of a revolutionary power do not accept the legitimacy of the current political system. This is why Senator Feinstein can't understand why Republicans won't negotiate. She doesn't understand that they are not working within the system anymore. When Republican radicals like DeLay, Frist, and Cheney create legislation that will kill Social Security, Medicare, public education, and federal funding of local fire and police departments, it's not because they don't foresee the consequences and it's not because they're just staking out a bargaining position, it's because that's exactly what they want.

Suffice it to say that Krugman goes into much more detail. The introduction alone is worth the price of the book. And that, is precisely why I only give this book four stars. Krugman makes the "Revolutionary Power" assessment in the introduction, but follows it up with a collection of previously published articles which, while very good, look at the administration's economic policy from the viewpoint that they are just stupid and inept. The introduction has such an impact, that I was left thinking that a radical rewrite of all the articles would be necessary in order to bring them in line with the "Revolutionary Power" theory.

That said, the articles themselves are fantastic. I recommend reading the Introduction last, so you won't have the same problem I did. They are clear, well written, and range in topics from Bush's obviously bad plan for Social Security, to his failed economic policy, to the irresponsible tax cuts for the rich that just don't make sense no matter which rationale Bush is using at the moment, to the phony California "energy crisis", and America's place in the global economy.

The edition of the book I own shows Bush holding a fist full of dollars, his face altered to look like Frankenstein's monster, standing next to Cheney who has, in a parody of the milk commercials, an oil mustache with the words 'GOT OIL?' written in oil on his big bald forehead. Creepy. But the subtitle says it all: "From Boom to Bust in Three Scandalous Years". If you want to know how and why, read the book.