Nomi Prins On Alex Jones, 4.21.2011: The Fed Is Reducing Our Value As A Nation
Alex Jones interviews former Goldman Sachs managing director Nomi Prins about the pillaging of the average American by the Federal Reserve and the big banks that has occurred in the effort to prop up the big banks. They cover S&P’s warning about America’s debt, the Obama administration trying to stop the warning from being issued, and what is coming down the road for us. (See Nomi’s bio below.)
I call it financial homicide by the banks, and Geithner is sortof the accomplice because he, under him, the Treasury Dept. increased the Treasury debt by $4 trillion dollars. So for him to come around and say, ‘oh, by the way, if you, Congress, don’t increase the debt cap by, whatever amount, whether it’s a penny or a trillion, it doesn’t matter, the idea is that if we don’t incur more debt, our debt will become less worthy, which is just a.) not logical, and b.) how Geithner has operated thru the bailouts and since he’s been Treasury Secretary, which is to continue to deny that much of the debt problem, most of the debt problem, arguably all of the debt problem, has happened because of this imparting of debt to bailout Wall Street, to subsidize the financial system, to go back and forth between the Fed who buys the debt, the Treasury increases the debt, the Fed buys the debt, and has this sorta back and forth ball going between them which only decreases our value as a nation. Our entire book, our balance sheet as a nation, and the Fed will continue to do this. We know that when June comes along, the Fed is going to go from QE 2 to QE whatever, they might call it something else; they will find ways to continue to throw this ball back and forth.
Nomi Prins, Former Goldman Sachs Managing Director: Bankster Collusion and Bailouts
Alex welcomes back to the show author and journalist Nomi Prins, who will talk about the economy, the seismic debt increase and Treasury Secretary and former Federal Reserve honcho Tim Geithner. Before becoming a journalist, Nomi worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London. Her latest book is It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street.
It Takes a Pillage: An Epic Tale of Power, Deceit, and Untold TrillionsEconomic Conditions Books)