Radical Religion, Oil and Borrowed Money


I headed over to the Empire Salon to hear Kevin Phillips deliver a talk on his latest book: American Theocracy: The Peril And Politics Of Radical Religion, Oil And Borrowed Money In The 21st Century. The Salon meets regularly in Washington D.C. where one can practically hear the beating heart of empire and feel its tremors in the ground. They look to hash out the implications of American Empire. In Phillips they had the man for the job.

Phillips is a former Republican strategist turned fiery critic of the Republican Party’s metamorphosis under George W. Bush. He has also dedicated much of efforts in studying leading economic powers of the past – Great Britain, Spain, the Dutch and Rome in particular. Phillips has come up with some yardsticks to gauge the decline of these powers. All past empires suffered through the following. And all of the below ‘seem to be intensifying under the George W. Bush administration.’

1. As the empire topped out, there was a popular sense that something was wrong – loss of jobs, increased violence, moral decay and more.
2. An intensification of religious fervour (See the rise of the mega churches in the ‘red states.’)
3. Conflicts between faith and science (witness the Evolution-creationism
4. Imperialism and global overreach. (See the Iraq War, which Phillips called ‘the most poorly thought out war in U.S. history.’) 
5. Decline of industry and the rise of finance (as Phillips says, ‘moving money around as opposed to building things.’)
6. The burden of excessive debt. No need to comment here.

The other interesting wrinkle Phillips tackles is the role of energy. Past empires mastered an energy source and as the importance of that energy source diminished, they could not make the adjustment. America’s addiction to increasingly expensive oil will play a role in its downfall, Phillips says.  “The U.S. is not going to make it with another energy regime.” It is oil or bust.

Finally, attendees got a surprise when congressman and presidential hopeful Ron Paul showed up. He made a few remarks, which brought cheers from the gathering: ‘I’m not running based on what I’m going to do for you. I’m running telling you what I’m not going to do. I don’t want to run your life. I don’t want to run the economy. I don’t want to police the world.’

Are the American people ready to walk without a shepherd? Many will decide in 2008. Somehow, there is little suspense as to the answer.

Chris Mayer
for The Daily Reckoning Australia

Chris Mayer
Chris Mayer is a veteran of the banking industry, specifically in the area of corporate lending. A financial writer since 1998, Mr. Mayer's essays have appeared in a wide variety of publications, from the Mises.org Daily Article series to here in The Daily Reckoning. He is the editor of Mayer's Special Situations and Capital and Crisis - formerly the Fleet Street Letter.


  1. Have you ever considered this Solution?

    “The Lords Prayer!”
    Within its contents lies the Solution to the entire Worlds’ Problems. It is such “Good News” and it is soooo seldom that we hear “Good News.”

    In all its simplicity “The Lord’s Prayer” answers “three” of the most catastrophic problems facing humans today. Jesus provided the Solution to all the World’s problems (in just three sentences.) Problems such as; Will there ever be “World Peace?” Will the earth be destroyed by “Weapons of Mass Destruction” or possibly an “Asteroid from Outer Space?” Or will there ever be a time when “Sickness, Sorrow and Death” is done away with?

    We pray in modern English, “Let your Kingdom come.” God’s Kingdom is a Spiritual Government, I am sure that you are familiar with the terms “Prince of Peace and King of kings,” referring to Jesus Christ It is Jesus’ Spiritual Government that is going to bring permanent Peace to the Earth.

    Then we continue; “Let your Kingdom come and let your will be done on earth.” In order for God’s will to be done on earth the earth has to remain and there will have to be people on earth to do God’s will. So we don’t have to worry about the earth being destroyed! But you may be wondering now will we always have to live with the tragedy of “Sickness, Sorrow and Death?” Jesus said NO!

    “God’s will will be done on earth as it is in heaven” heaven is perfect! So in essence we are asking God to please rule this earth in Perfection as He once did in the Garden of Eden.

    Wouldn’t you agree that this is “Good News?” That is why Jesus stated at Matthew 24:14, “And this good news of the kingdom will be preached in all the inhabited earth for a witness to all the nations; and then the end will come.”

    Thank you so much for your time and attention. I do hope that this is “Good News” for you also.


  2. Alleluiah, and pass the ammo.


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