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Dandelion Salad
April 2, 2023
with Ralph Nader
Ralph Nader Radio Hour on Apr 1, 2023
We are joined for the full hour by geopolitical financial expert and financial historian, Nomi Prins, to discuss her new book, Permanent Distortion: How Financial Markets Abandoned the Real Economy Forever, which highlights the huge gap between the high-flying stock market, versus back down here on earth, where average people struggle to make ends meet.
Nomi Prins is an economist, author, geopolitical financial expert and financial historian. She is the author of several books, including Collusion: How Central Bankers Rigged the World, All the Presidents’ Bankers, Other People’s Money: The Corporate Mugging of America, and It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street. Her latest book is Permanent Distortion: How Financial Markets Abandoned the Real Economy Forever.
“The idea of “Permanent Distortion” is that when the financial system needs it, it gets the money. And lot of it. And in an uncapped way. And in an unregulated way. And in a non-transparent way. When the real economy needs it, it’s years of debate.” — Nomi Prins
“There’s no such thing as, “This bailout didn’t cost taxpayers money.” Because…money that goes into the banking system does not go into the real economy. Which means there is a shortfall in the real economy. Which means that money cannot be reallocated into the real economy. Whether that is to build bridges, or hospitals, or to enhance our education system, or help workers. Because it’s going somewhere else.” — Nomi Prins
“There are people that will say, “Well, SVB (the failure of Silicon Valley Bank) has nothing to do with Glass-Steagall,” and that’s just simply wrong. Any over-leverage in the banking system that can take down the rest of the banking system— or that can create that sort of lack of confidence, instability, creation of money to save it that doesn’t go into the real economy— is a part of that problem.” — Nomi Prins
“There’s a huge propaganda machine. And it’s interesting that the destabilization of the real economy comes so frequently from the speculation of the paper economy.” — Ralph Nader
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From the archives:
Michael Hudson and Radhika Desai: Did Big Banks Take Over the Treasury?
Ralph Nader: Spank the Banks + Reimagining Universities
Reckless Capitalist Banks Rescued by Government Socialism – Again! by Ralph Nader
Society’s Collapse Has Already Begun, by Rainer Shea
Central Banks Are A Symptom, Capitalism Is The Cause, by Pete Dolack
Michael Hudson and Ralph Nader: The Real Purpose of The Federal Reserve
Letter to Members of the Congressional Super Committee, by Ralph Nader
Dandelion Salad 