Below is my response to an email that I thought others might benefit from hearing too:
Hey Jim. Thanks for this. I appreciate the pushback.
You're right that the Prometheans and I share a diagnosis: we both see that the financialized economy has to give way to real production. That's also the natural outcome of collapse. Where I'm focused is the who and the how and the patterns I see. They see Trump as the hero who will execute a clean transition. I see him as a symptom of the system's contradictions—someone who wants to tear it down but can't stomach the pain. Who could?
I have no doubt that Trump and his advisors are having lively arguments. Bessent, Navarro, and the rest are smart people. But is an "orderly default" even possible, given the scale of the debt and the interconnectedness of the global financial system? Consider that the debt is almost $40 trillion and growing.
I'm not saying Trump doesn't want to finesse this. I'm saying the system doesn't care what he wants. Financialization is a pattern—it emerged from rational self-interest operating within a broken framework. It will continue until the framework breaks, or until we choose to step out of it.
As for the idea that his plan includes some kind of orderly default—maybe it does. Maybe he has a playbook we haven't seen. But that's a little "too much magic" for me right now, given the big picture. But even if he does, the question remains: who pays? The bondholders? The pension funds? The retirees? The working families? The history of financial crises suggests the losses are always socialized, never truly borne by the people who designed the system.
I'm not dismissing any possibility. But the purpose of this essay was not to review all the possibilities; it was to explain financialization through the prism of the pattern: Enantiodromia. That’s my two cents.
On Jul 12, 2026, at 5:59 PM, james howard kunstler wrote:
Wendy—
I was preoccupied with things here and got to this late.
You construct a good argument, but I think it limps a bit.
The Prometheans are proposing the same remedies as you are: returning to an economy of producing things of reral value. . . which necessarily must come at the expense of the financial buccaneers.
Terump is in a very delicate situation that (it seems) you don’t sufficiently appreciate: Indeed he does not want to preside over a disorderly crash. He wants to finesse this transformation. The part you leave out is that his [lan probably includes some kind of orderly default on the existing debt. Whether this is possible or not is the question. I must suppose he has lively arguments with Bessent, Navarro, and others about this.
Good article but there are a few things that don't check out if one looks at the big picture.
1)
Inflation in housing is being phrased as if its a new thing but it's been happening since the 2000s when Clinton deregulated banking, allowing them to gamble with deposits. Loans were given to people who couldn't afford them with the idiotic idea that house prices rising would help them build equity. It was a pyramid scheme and Americans and other nations fell for it.
Sadly, Americans cried more about gas prices than housing, but this is not what is making us poor. Real estate prices are.
A person who drives 30 miles to work each way, 5 days a week in a guzzling pickup that gets 20mpg uses 15 gallons a week. At $4, he pays $60 a week. Double that to $8 (which is what we saw during the Iraq war in today's dollars) and it costs $120.
So $60 extra a week which is $260 a month or $3120 a year.
That's a tiny fraction of their expenses, where many pay $3k a month just for their rent or mortgages!
2)
Keeping the banks privately owned only helped the wealthy who owned those banks. The duel and death of Hamilton was quite suspicious. He was for a central bank.
The idea of a central bank run by government makes more sense than what we had. Private banks privatize profits (that go to shareholders and executives) that could go to the people.
The Federal reserve is a bank for banks, which helps them out but not the people.
Socialize the losses, privatize the profits.
North Dakota has a state owned bank that helps the people and profits help the state. Why are we brainwashed to think that finance should be privatized?
Thanks for taking the time to engage so thoughtfully. You've raised three important points, and I appreciate the pushback.
1. On housing and real estate
You're absolutely right that housing inflation isn't new—it's been building for decades. Clinton-era deregulation and the reckless lending that followed laid the groundwork. And yes, real estate prices are a massive driver of wealth extraction. I've actually written about this before, tracing how housing went from shelter to speculative asset—how the financialization of real estate turned homes into vehicles for absorbing fiat currency rather than places to live. The nominal "appreciation" we've seen isn't real wealth creation; it's monetary dilution, paper claims chasing a finite supply of land, a pattern that can't hold indefinitely.
2. On banking and privatization
I completely agree: privatization isn't the answer. The Federal Reserve is a private-public hybrid that privatizes profits while socializing losses. If you want the full story of how that system was designed, G. Edward Griffin's The Creature from Jekyll Island lays it out in detail—the secret meeting in 1910 where the richest bankers drafted the Federal Reserve Act to gain control of America's money and credit, then bought up shares in the Fed and appointed themselves to its Board. It's a bank for banks, not for people.
The Bank of North Dakota is the proof of concept that an alternative is possible—profits returned to the citizens, lending that supports local economies, not Wall Street speculation. My essay argues that financialization is the problem—whether the banks are "private" or "public" isn't the deepest question; the deeper question is whether the system is structured to extract or to serve. The needed shift is moving from extraction to production, from debt-servicing to community-building.
3. On Trump and Iran
I'm with you on this one. My essay doesn't argue that Trump's peace deal was a bad thing—I don't think it was. What I'm pointing to is something different: Trump's actions reveal his entrapment in the system he claims to oppose. The Promethean narrative wants us to see Trump as the revolutionary tearing down the old order. I see him as a symptom of the system's contradictions—someone who wants to tear it down but can't stomach the crash that would follow. The solution isn't in one party or one president. It's in recognizing the pattern itself and choosing to step out of it.
What I'm trying to get at is that neither party offers a way out of financialization—one manages the extraction, the other promises to end it but can't deliver without collapsing the very system that enriches the asset-holding class. My political views are my own, but the solution isn't in the parties. It's in community, real production, mutual aid, and a refusal to keep lending our labor to a system that treats us as revenue streams. More on this next week where I’ll dig more into the parasite.
We have the issue of rentier capitalism which means that one makes money merely owning property, assets, etc. It's the American dream that one will one day not need to work because of this and it fed the housing spikes.
The irony is that even if one's house doubled, when they sell they have to buy another house which doubled. Only those that were able to buy multiple houses or flip houses profited.
The key illogic of finance is making money on money aka interest.
It's interesting that major religions forbid usury but they went around that "regulation".
You rightly understand that this system cannot be reformed and will crash ... in chaos disorder violence... but it cannot be reformed... and Goethe understood when he said that men fear chaos... Paraphrase translation... Man seeks order over justice and when disorder comes to their affairs a jackbooted saviour always arrives on a white horse to give them what they cry out for....
In one word - USURY! It used to be prohibited.......
The prohibition held for over a millennium. But it eroded, gradually, under the pressure of commercial expansion and the ingenuity of those who wished to circumvent it......
There is nothing more important now than the ability to summarize the fundamental components of massive institutional evil and Wendy Williamson has done so in this article with admirable clarity.
My one objection is the inclusion of fiat currency as part of the definition of ‘Capitalism’. It has indeed been historically a corruption of Capitalism so it is understandable that many now see ‘Capitalism’ as a failure needing to be overthrown.
But what actually needs to be overthrown are the massive counterfeiting racket called ‘Monetary Policy’, the massive extortion racket called taxation, and the massive monopoly rackets of licensing, subsidies, and ‘intellectual property’ laws. With honest (gold standard) money, Capitalism should refer to free trade, property rights, and the sanctity of voluntary agreements, as it once did.
Read 'The Nature Of Evil - Centuries of Parasitic Philosophy" Available on Amazon
This is the first time I have come across your work, but this essay is quite good. I have also been working on the problem of financialization. I have recently published a book on this subject that you might be interested in. It is a complete critique of neoliberalism in every dimension - theological, philosophical, economical, scientific, and sociological - along with a realistic discussion for remaking the American political economy in a sustainable fashion. It is available to purchase at Amazon, but given the urgency of the matter, I have decided to serialize it on my Substack, at least for a limited time. I would be honored if you gave it a look. You can start here:
Wendy, you've provided us with both the territory which is most important and the map which only gives us the starting point and ends near the final destination. It's been a journey in hindsight that we all now wish had never been taken. Robert Frost's The Road Not Taken" comes to mind. No easily going back now, eh? But understanding the territory crossed offers the most value to your readers. We can feel the in our bones the effects of having been dragged, decade by decade over this unforgiving territory.. It needed to be visited in person, not just read about or drawn out on a flat map. We've needed to experience enough of the territory to know how punishing it can be and it has finally gotten our attention. Some haven't been as brutalized as others on this journey but that doesn't count for those who have eyes to see. Thank you for offering us some worthwhile considerations so that we can begin extracting ourselves from this dead end loop. My two cents: buy only what you absolutely need and eliminate debt as quickly as possible. The feeling of freedom that comes with that will outweigh the sacrifices necessary.
Barbara, thank you. You've captured something: the map is only useful if you've walked the territory. And we've walked it—decade by decade, sometimes not realizing how brutal the terrain was until looking back. Experience matters.
I love the Frost reference. There's a quiet sadness in it—the recognition that you can never go back, that every choice closes off other possibilities. That's true of all our decisions in life. We will never know anything different unless we take that other path.
I used to love roller coasters when I was a kid—the slow climb, the spectacular views, then the drop. The thrill and terror mixed together. That's what my 55 years feels like here, that slow climb up, every few years new shiny objects, more freedom, easier life. A beautiful and wild aberration in history. I feel blessed to be a part of it all. Truly.
Frost's poem doesn't concentrate on the difficulty of "going back", it expresses gratitude for having made the better choice:
" I shall be telling this with a sigh Somewhere ages and ages hence: Two roads diverged in a wood, and I, I took the one less traveled by, And that has made all the difference."
Wendy Williamson... This is better than maybe you know... I am 87 and working on a book which is the follow on from you. My thinking brain is better than it ever was and my longevity and the varied life I have lead gives me a rare perspective... I live now in Spain on the sea and no longer travel. Will you contact me for dialogue.... And if you want to visit in Spain I have a spare bedroom with bathroom for two and I would love to have you and companion ... No cost... Except dialogue... My email is commune125@aol.com... I am on WhatsApp... Send me your both. Allbest
Will be sending this to my contact list. The Blob is frantically trying to implement Central Bank Digital Currency to gain almost complete control: think Canadian Truckers but next step is wrong social post and financial accounts frozen by pressing a software button. It is time to train up. The Founders had a solution: remove the government. I firmly believe the military personal below high rank will side with the Plebs since they see these effects in their extended families. Will be interesting to see whole replaces Lindsey Graham.
Nice essay, and I agree with your diagnosis and a lot of your prescription. Financialization has wrecked the industrial base of the US, and especially after they responded to the 2008 crash of Wall Street by putting their debt onto our national debt, starting then and continuing on until today. Why should we citizens have to comp Wall Street's gambling habit? If you look at the national debt graph, it really went skyward after 2008.
I also agree that Promethean Action is a bit too focused on the City of London, and not focused enough on Wall Street or the BIS. One of my main disagreements with them, though, is their belief that we can continue extracting the Earth's natural wealth and turning it into human capital, as long we take the bankers out of it.
I think that we humans need to live lightly on the Earth, instead. I am all for everyone having food, water, shelter, and some basic comforts, but the idea that we can all live like billionaires, all 8 billion of us, doesn't sound reasonable to me.
I never read Griffin's book, although I hear it's readable. I did read David Graeber's "Debt: The First Five Thousand Years" and Ellen Brown's "Web Of Debt", both of which gave me a history that I never knew, and that is a bit more believable than the whole "We all lived on a gold standard and that worked really well for us" fairy tale we are told nowadays, one which conveniently leaves out the whole 19th history of economic crashes and misery for farmers and workers.
Pretty much spot on. It was clear from the outset that the "City of London" natrative was nothing more than MAGA propoganda. It certainly has duped many people, sadly even Krainer.
You should read "Conjuring Hitler. How Britain and America made the Third Reich", in which prof. Preparata explains the fiancial schemes and goals behind WWI and WW2. Preparata is a professor of political economy in Washington. He also goes through the financial engineering of Germany in the '20's - '30's and 40's.
Below is my response to an email that I thought others might benefit from hearing too:
Hey Jim. Thanks for this. I appreciate the pushback.
You're right that the Prometheans and I share a diagnosis: we both see that the financialized economy has to give way to real production. That's also the natural outcome of collapse. Where I'm focused is the who and the how and the patterns I see. They see Trump as the hero who will execute a clean transition. I see him as a symptom of the system's contradictions—someone who wants to tear it down but can't stomach the pain. Who could?
I have no doubt that Trump and his advisors are having lively arguments. Bessent, Navarro, and the rest are smart people. But is an "orderly default" even possible, given the scale of the debt and the interconnectedness of the global financial system? Consider that the debt is almost $40 trillion and growing.
I'm not saying Trump doesn't want to finesse this. I'm saying the system doesn't care what he wants. Financialization is a pattern—it emerged from rational self-interest operating within a broken framework. It will continue until the framework breaks, or until we choose to step out of it.
As for the idea that his plan includes some kind of orderly default—maybe it does. Maybe he has a playbook we haven't seen. But that's a little "too much magic" for me right now, given the big picture. But even if he does, the question remains: who pays? The bondholders? The pension funds? The retirees? The working families? The history of financial crises suggests the losses are always socialized, never truly borne by the people who designed the system.
I'm not dismissing any possibility. But the purpose of this essay was not to review all the possibilities; it was to explain financialization through the prism of the pattern: Enantiodromia. That’s my two cents.
On Jul 12, 2026, at 5:59 PM, james howard kunstler wrote:
Wendy—
I was preoccupied with things here and got to this late.
You construct a good argument, but I think it limps a bit.
The Prometheans are proposing the same remedies as you are: returning to an economy of producing things of reral value. . . which necessarily must come at the expense of the financial buccaneers.
Terump is in a very delicate situation that (it seems) you don’t sufficiently appreciate: Indeed he does not want to preside over a disorderly crash. He wants to finesse this transformation. The part you leave out is that his [lan probably includes some kind of orderly default on the existing debt. Whether this is possible or not is the question. I must suppose he has lively arguments with Bessent, Navarro, and others about this.
Did you consider that?
Jim
james howard kunstler
“It’s All Good"
Good article but there are a few things that don't check out if one looks at the big picture.
1)
Inflation in housing is being phrased as if its a new thing but it's been happening since the 2000s when Clinton deregulated banking, allowing them to gamble with deposits. Loans were given to people who couldn't afford them with the idiotic idea that house prices rising would help them build equity. It was a pyramid scheme and Americans and other nations fell for it.
Sadly, Americans cried more about gas prices than housing, but this is not what is making us poor. Real estate prices are.
A person who drives 30 miles to work each way, 5 days a week in a guzzling pickup that gets 20mpg uses 15 gallons a week. At $4, he pays $60 a week. Double that to $8 (which is what we saw during the Iraq war in today's dollars) and it costs $120.
So $60 extra a week which is $260 a month or $3120 a year.
That's a tiny fraction of their expenses, where many pay $3k a month just for their rent or mortgages!
2)
Keeping the banks privately owned only helped the wealthy who owned those banks. The duel and death of Hamilton was quite suspicious. He was for a central bank.
The idea of a central bank run by government makes more sense than what we had. Private banks privatize profits (that go to shareholders and executives) that could go to the people.
The Federal reserve is a bank for banks, which helps them out but not the people.
Socialize the losses, privatize the profits.
North Dakota has a state owned bank that helps the people and profits help the state. Why are we brainwashed to think that finance should be privatized?
https://en.wikipedia.org/wiki/Bank_of_North_Dakota
3)
As for Trump's peace deal with Iran, how exactly is that a bad thing? Is it preferable to keep fighting a war that Israel wants and dragged us into?
Should we go back to the "glory days" of never ending wars in the middle east under Bush and Obama?
Thanks for taking the time to engage so thoughtfully. You've raised three important points, and I appreciate the pushback.
1. On housing and real estate
You're absolutely right that housing inflation isn't new—it's been building for decades. Clinton-era deregulation and the reckless lending that followed laid the groundwork. And yes, real estate prices are a massive driver of wealth extraction. I've actually written about this before, tracing how housing went from shelter to speculative asset—how the financialization of real estate turned homes into vehicles for absorbing fiat currency rather than places to live. The nominal "appreciation" we've seen isn't real wealth creation; it's monetary dilution, paper claims chasing a finite supply of land, a pattern that can't hold indefinitely.
2. On banking and privatization
I completely agree: privatization isn't the answer. The Federal Reserve is a private-public hybrid that privatizes profits while socializing losses. If you want the full story of how that system was designed, G. Edward Griffin's The Creature from Jekyll Island lays it out in detail—the secret meeting in 1910 where the richest bankers drafted the Federal Reserve Act to gain control of America's money and credit, then bought up shares in the Fed and appointed themselves to its Board. It's a bank for banks, not for people.
The Bank of North Dakota is the proof of concept that an alternative is possible—profits returned to the citizens, lending that supports local economies, not Wall Street speculation. My essay argues that financialization is the problem—whether the banks are "private" or "public" isn't the deepest question; the deeper question is whether the system is structured to extract or to serve. The needed shift is moving from extraction to production, from debt-servicing to community-building.
3. On Trump and Iran
I'm with you on this one. My essay doesn't argue that Trump's peace deal was a bad thing—I don't think it was. What I'm pointing to is something different: Trump's actions reveal his entrapment in the system he claims to oppose. The Promethean narrative wants us to see Trump as the revolutionary tearing down the old order. I see him as a symptom of the system's contradictions—someone who wants to tear it down but can't stomach the crash that would follow. The solution isn't in one party or one president. It's in recognizing the pattern itself and choosing to step out of it.
What I'm trying to get at is that neither party offers a way out of financialization—one manages the extraction, the other promises to end it but can't deliver without collapsing the very system that enriches the asset-holding class. My political views are my own, but the solution isn't in the parties. It's in community, real production, mutual aid, and a refusal to keep lending our labor to a system that treats us as revenue streams. More on this next week where I’ll dig more into the parasite.
We have the issue of rentier capitalism which means that one makes money merely owning property, assets, etc. It's the American dream that one will one day not need to work because of this and it fed the housing spikes.
The irony is that even if one's house doubled, when they sell they have to buy another house which doubled. Only those that were able to buy multiple houses or flip houses profited.
The key illogic of finance is making money on money aka interest.
It's interesting that major religions forbid usury but they went around that "regulation".
The Christians had Jews do it, etc.
Exactly. It’s rearranging the furniture, profiting from it, and calling that production. This story opened my eyes long ago: https://topdocumentaryfilms.com/i-want-the-earth-plus-5/
After watching it, I couldn’t believe how the whole scam had evaded me for so long.
Dam, that is an excellent arbitration. Nice job.
You make good points, Rob.
You rightly understand that this system cannot be reformed and will crash ... in chaos disorder violence... but it cannot be reformed... and Goethe understood when he said that men fear chaos... Paraphrase translation... Man seeks order over justice and when disorder comes to their affairs a jackbooted saviour always arrives on a white horse to give them what they cry out for....
From Martin Bendelow
In one word - USURY! It used to be prohibited.......
The prohibition held for over a millennium. But it eroded, gradually, under the pressure of commercial expansion and the ingenuity of those who wished to circumvent it......
Read it all: https://crushlimbraw.blogspot.com/2026/02/veriphysics-treatise-005-vox-popoli.html?m=0 - and then read all of Veriphysics which connects the dots -
There is nothing more important now than the ability to summarize the fundamental components of massive institutional evil and Wendy Williamson has done so in this article with admirable clarity.
My one objection is the inclusion of fiat currency as part of the definition of ‘Capitalism’. It has indeed been historically a corruption of Capitalism so it is understandable that many now see ‘Capitalism’ as a failure needing to be overthrown.
But what actually needs to be overthrown are the massive counterfeiting racket called ‘Monetary Policy’, the massive extortion racket called taxation, and the massive monopoly rackets of licensing, subsidies, and ‘intellectual property’ laws. With honest (gold standard) money, Capitalism should refer to free trade, property rights, and the sanctity of voluntary agreements, as it once did.
Read 'The Nature Of Evil - Centuries of Parasitic Philosophy" Available on Amazon
Hello Wendy,
This is the first time I have come across your work, but this essay is quite good. I have also been working on the problem of financialization. I have recently published a book on this subject that you might be interested in. It is a complete critique of neoliberalism in every dimension - theological, philosophical, economical, scientific, and sociological - along with a realistic discussion for remaking the American political economy in a sustainable fashion. It is available to purchase at Amazon, but given the urgency of the matter, I have decided to serialize it on my Substack, at least for a limited time. I would be honored if you gave it a look. You can start here:
https://intelligentdasein.substack.com/p/traffic-and-weather-together-next-7ab
Thank you. I’ll take a look tomorrow. Sounds interesting what you’re working on. Congrats on the book.
Wendy, you've provided us with both the territory which is most important and the map which only gives us the starting point and ends near the final destination. It's been a journey in hindsight that we all now wish had never been taken. Robert Frost's The Road Not Taken" comes to mind. No easily going back now, eh? But understanding the territory crossed offers the most value to your readers. We can feel the in our bones the effects of having been dragged, decade by decade over this unforgiving territory.. It needed to be visited in person, not just read about or drawn out on a flat map. We've needed to experience enough of the territory to know how punishing it can be and it has finally gotten our attention. Some haven't been as brutalized as others on this journey but that doesn't count for those who have eyes to see. Thank you for offering us some worthwhile considerations so that we can begin extracting ourselves from this dead end loop. My two cents: buy only what you absolutely need and eliminate debt as quickly as possible. The feeling of freedom that comes with that will outweigh the sacrifices necessary.
Barbara, thank you. You've captured something: the map is only useful if you've walked the territory. And we've walked it—decade by decade, sometimes not realizing how brutal the terrain was until looking back. Experience matters.
I love the Frost reference. There's a quiet sadness in it—the recognition that you can never go back, that every choice closes off other possibilities. That's true of all our decisions in life. We will never know anything different unless we take that other path.
I used to love roller coasters when I was a kid—the slow climb, the spectacular views, then the drop. The thrill and terror mixed together. That's what my 55 years feels like here, that slow climb up, every few years new shiny objects, more freedom, easier life. A beautiful and wild aberration in history. I feel blessed to be a part of it all. Truly.
Frost's poem doesn't concentrate on the difficulty of "going back", it expresses gratitude for having made the better choice:
" I shall be telling this with a sigh Somewhere ages and ages hence: Two roads diverged in a wood, and I, I took the one less traveled by, And that has made all the difference."
True. Yes. 🙌
Excellent.
Thank you, Melody. 🙏
Wendy Williamson... This is better than maybe you know... I am 87 and working on a book which is the follow on from you. My thinking brain is better than it ever was and my longevity and the varied life I have lead gives me a rare perspective... I live now in Spain on the sea and no longer travel. Will you contact me for dialogue.... And if you want to visit in Spain I have a spare bedroom with bathroom for two and I would love to have you and companion ... No cost... Except dialogue... My email is commune125@aol.com... I am on WhatsApp... Send me your both. Allbest
Thank you! Just a heads up, I have emailed you. Looking forward to your reply.
Will be sending this to my contact list. The Blob is frantically trying to implement Central Bank Digital Currency to gain almost complete control: think Canadian Truckers but next step is wrong social post and financial accounts frozen by pressing a software button. It is time to train up. The Founders had a solution: remove the government. I firmly believe the military personal below high rank will side with the Plebs since they see these effects in their extended families. Will be interesting to see whole replaces Lindsey Graham.
European countries defaulted on the post WW1 loans which caused Wall Street to call in margin loans which snowballed the crash.
Nice essay, and I agree with your diagnosis and a lot of your prescription. Financialization has wrecked the industrial base of the US, and especially after they responded to the 2008 crash of Wall Street by putting their debt onto our national debt, starting then and continuing on until today. Why should we citizens have to comp Wall Street's gambling habit? If you look at the national debt graph, it really went skyward after 2008.
I also agree that Promethean Action is a bit too focused on the City of London, and not focused enough on Wall Street or the BIS. One of my main disagreements with them, though, is their belief that we can continue extracting the Earth's natural wealth and turning it into human capital, as long we take the bankers out of it.
I think that we humans need to live lightly on the Earth, instead. I am all for everyone having food, water, shelter, and some basic comforts, but the idea that we can all live like billionaires, all 8 billion of us, doesn't sound reasonable to me.
I never read Griffin's book, although I hear it's readable. I did read David Graeber's "Debt: The First Five Thousand Years" and Ellen Brown's "Web Of Debt", both of which gave me a history that I never knew, and that is a bit more believable than the whole "We all lived on a gold standard and that worked really well for us" fairy tale we are told nowadays, one which conveniently leaves out the whole 19th history of economic crashes and misery for farmers and workers.
Keep up the good work.
Mrs. RW
Wow,finally a clear eyed view of where we are - and the painful realization of what we need to do to get off the highway of slef deception
Thank you 🙏
Pretty much spot on. It was clear from the outset that the "City of London" natrative was nothing more than MAGA propoganda. It certainly has duped many people, sadly even Krainer.
You should read "Conjuring Hitler. How Britain and America made the Third Reich", in which prof. Preparata explains the fiancial schemes and goals behind WWI and WW2. Preparata is a professor of political economy in Washington. He also goes through the financial engineering of Germany in the '20's - '30's and 40's.