The end game is the game that we
are in now. The major financial players, have in the wake of the 2008
crisis, been ridiculously subsidized by governments, predominantly in
the US as we have been talking about, but also in Europe – the ECB has
made some record types of decisions to maintain the largest banks in
Europe and to help them.
Podcast interview:
On behalf of Matterhorn Asset Management / GoldSwitzerland, Lars Schall talked with former senior Wall Street banker Nomi Prins about her latest book, “All the Presidents’ Bankers.“ Prins points out how an elite group of men transformed the American economy and government throughout the 20th century, dictated foreign and domestic policy, and shaped world history. The discussion spans from the panic of 1907 and the creation of the Federal Reserve through 2 World wars, the decoupling of the dollar from gold in 1971, and the question whether American financial power today is in decline.
I
see this continuing, and the result will be more concentration and
consolidation at the hands of the biggest banks and the biggest bank
leaders than we have never had before. In the US, for example, the big
six banks today have more assets, more deposits, and control more
derivatives than in any other time in US history. As such a small group
of individuals and institutions control so much capital and implicitly
those connections to the political elite as well, this game continues;
this concentration of greater power and capital continues.
Podcast interview:
On behalf of Matterhorn Asset Management / GoldSwitzerland, Lars Schall talked with former senior Wall Street banker Nomi Prins about her latest book, “All the Presidents’ Bankers.“ Prins points out how an elite group of men transformed the American economy and government throughout the 20th century, dictated foreign and domestic policy, and shaped world history. The discussion spans from the panic of 1907 and the creation of the Federal Reserve through 2 World wars, the decoupling of the dollar from gold in 1971, and the question whether American financial power today is in decline.
By Lars Schall
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EDITED TRANSCRIPT – Finance is a Power Game