Prins shows how powerful Wall Street bankers partnered with presidents to became the unelected leaders of the 20th century.
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About the Author
Nomi Prins is an independent author, journalist, and speaker. A former Wall Street insider, her insight comes from a history of success within financial institutions, having worked as a Managing Director at Goldman Sachs, a Senior Managing Director and head of the international analytics group at Bear Stearns in London, a Senior Strategist at Lehman Brothers, and an analyst at the Chase Manhattan Bank (now JPM Chase) which she joined at age 19. Nomi is widely sought-after for her unique perspective on politics, finance and the economy by top media, universities, filmmakers, producers and congress people.
She has appeared on numerous TV programs: internationally for BBC World, BBC and RtTV, and nationally for CNN, CNBC, MSNBC, CSPAN, Democracy Now, Fox and PBS. She has been featured on hundreds of radio shows globally including for CNN Radio, Marketplace, NPR, BBC, and Canadian Programming. Her writing has been featured in The New York Times, Fortune, Newsday, Mother Jones, The Daily Beast, Newsweek, Slate, The Guardian UK, The Nation, Alternet, LaVanguardia, and other publications. Nomi has also been featured in many documentaries alongside prominent thought leaders, and Nobel Prize winners, including most recently, The Big Fix.
She is currently a Senior Fellow at Demos.
Table of Contents
Cast of Main Characters ix
Introduction When the President Needed the Bankers 1
Chapter 1 The Early 1910s: Post-Panic Creature and Party Posturing 17
Chapter 2 The Mid-1910s: Bankers Go to War 40
Chapter 3 The Late 1910s: Peace Treaties and Domestic Politics 57
Chapter 4 The 1920s: Political Isolationism, Financial Internationalism 69
Chapter 5 1929: The Room at 23 Wall, Crash, and Big-Six Take 96
Chapter 6 The Early 1930s: Tenuous Times, Tax-Evading Titans 105
Chapter 7 The Mid- to Late 1930s: Policing Wall Street, World War II 135
Chapter 8 The Early to Mid-1940s: World War II, Bankers, and War Bucks 158
Chapter 9 The Late 1940s: World Reconstruction and Private Bankers 180
Chapter 10 The 1950s: Eisenhower's Buds, Cold War, Hot Money 196
Chapter 11 The Early 1960s: "Go-Go" Youth, Murders, and Global Finance 229
Chapter 12 The Mid- to Late 1960s: Progressive Policies and Bankers' Economy 251
Chapter 13 The Early to Mid-1970s: Corruption, Gold, Oil, and Bankruptcies 274
Chapter 14 The Late 1970s: Inflation, Hostages, and Bankers 301
Chapter 15 The Early to Mid-1980s: Free-Market Rules, Bankers Compete 319
Chapter 16 The Late 1980s: Third World Staggers, S&Ls Implode 340
Chapter 17 The Early to Mid-1990s: Killer Instinct, Bank Wars, and the Rise of Goldman Sachs 357
Chapter 18 The Late 1990s: Currency Crises and Glass-Steagall Demise 377
Chapter 19 The 2000s: Multiple Crises, the New Big Six, and Global Catastrophe 393
Glossary of Financial Terms 425
Most Helpful Customer Reviews
Were I on an ECON faculty somewhere, this book would be a core required text for "Modern History of U.S. Finance." It is riveting. The writing style is elegant, the heavily documented recounting of the rise of the financial sector barons beginning with the late 1800's is simply compelling. The recounted "panic of 1907" is eerily similar to the mess that would ensue a century later. We in effect have come to have a hereditary / intermarriage-of-the-clans lineage aristocracy quietly operating the levers of power, globally. Presidents and legislatures come and go, but this small group of people at the top of the heap have inordinate long-term power with no effective accountability. That they operate principally with the funds of ordinary bank depositors rather than their own risk capital is all the more galling owing to the fact that the vast majority of the public have no idea as to how they're getting played. "Privatization of profits, socialization of losses" may have become a cliche phrase, but it's true, and it jumps right off these pages. I've been closely following FIRE sector machinations my entire adult life, beginning with the 60's Equity Funding Life scam. My most recent readings include "Capital in the 21st century," "The Seven Sins of Wall Street," "FlashBoys," and now THIS. We never seem to learn. For more than a century, national politicians have essentially been highly useful "Bright, Shiny Things," distracting dupes in the service of the quiet exercise of unaccountable global power and ever-increasing acquisition of obscene wealth by a small handful of men. Men. The broad public has zero clue as to the extent of their ongoing fleecing, how bad they're getting played. These guys seem to exude dismissive contempt for "the little people," which, to them, consists of at least "the 99%" (a fair number of whom likely count themselves as "financial sophisticates," while they too have been getting played right along with Joe lunchbucket). This excellent book connects so many dots. Ms. Prins is to be commended for letting the facts speak for themselves, with minimal interpretation and opining. A Must-Read, this book. -BobbyG
Nomi Prins, in my opinion, is the "Carl Sagan of Wall Street." She can explain the most complex financial topics and mechanisms in terms that the average person will understand. If you want to know how the inner workings of the Financial Markets operate and how Washington and Wall Street have formed a symbiotic relationship to their mutual benefit and our detriment, then BUY THIS BOOK!
Very detailed discussion. Fast read.
The book was well written and very informative. A great lesson in history and finance.
Nomi explains who runs the country. "It no longer matters who sits in the White House". Previous ex-bankers usually become the US Secretary of the Treasury. The Federal Reserve is a private corporation of the rich, and the fractional reserve banking system is an automatic inflation process. Besides that process, bankers use more borrowing for their profit machines which requires more dollars to be printed, or today just appear digitally on a banks balance sheet. This causes the dollar to lose purchasing power for all of us. The bailout of 2008 was a continuation of bailouts which has occurred since the creation of the Fed, and was one of the purposes for the Fed. The total bank bailout was not $700 billion from the TARP program, but almost $20 trillion. And why is this not major news? Because remember who runs this country.
The book All The Presidents Men is awesome! I fully recommend reading Nazi Hydra In America first. The later sets the table for the former in the sense for most of the former book one is relieved that the banking system existed as it did. Then the conduct of the last generation and half ...POW hits you with a contrasting conclusion that America has been robbed of our freedom. The tame explanation of banking by Presidents Bankers until Reagan shows decorum and resolve to the credit of Americas emerging economic hegemony, it the Presidents Bankers conclusion you realize the author choose to temper the interplay of interests not otherwise sugar coated in Hydra Nazi book. In the end you realize Prins reserve of the industry for the first four generations credits the America story that our forefathers did what they did for America. The dudes from Reagan on clearly one can conclude in their arrogance just failed to pretend to be acting in American interest because they no longer had to convince the Honorable President of a course of conduct, as the banks have rendered the American Presidents impudent having bought and paid for them since Reagan to the detriment of freedom.