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Obama’s Bank
Istarted researching this book in 1997 as I watched the East Asian currency crisis unfold. I was writing my doctoral
dissertationatOxfordUniversityontheroleofSiliconValley
firms and the United States government in that regional
crisis. At the time, I saw the crisis across the Pacific as, in
part, an American crisis. We had contributed to the East
Asian Miracle, while at the same time creating a brittle eco-
nomic and social environment both in Asia and at home. In
turn, our subsequent policies addressed, prolonged, and ulti-
mately deferred aspects of the crisis itself. Since the early
1980s,wehadprogressivelydivestedfromourownrealecon-
omy in America. In doing so, we had redirected our financial
and political energies overseas, promoting globalization. We
benefited some and disadvantaged others, both at home and
abroad
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