Monday, October 6, 2014

Nomi Prins: Former Goldman Sachs Banker says there is no real Recovery

Former Goldman Sachs banker Nomi Prins recently did this interview with former CNN reporter Greg Hunter. Here is some background info on Nomi Prins. The interview covers a number of topics but her statements about the lack of recovery in the US caught our attention. Quotes from the interview are just below.


"On the so-called recovery, Prins contends, “We are not even stable enough as it is.  We haven’t created enough jobs for the population growth since the crisis in 2008, regardless of what the percentage numbers say, and most of us know that.  What the market has been growing on is zero percent interest rates for the past six years.  It’s the same thing in Europe. . . . The central banks are not going to be raising rates because they can’t.  The only thing keeping any semblance of economic positivity for corporations, individuals and markets is the fact that money has no cost. . . . The reality is the jobs aren’t there.  This is artificial.  The money isn’t funneling into the average citizens in any of these countries, and that creates instability.  Which is, again, why all these gateway areas are so important. . . . There is a lot at stake here globally.”

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