Nomi Prins and William K. Black at „Info-Schall“: The Crisis Isn’t Remotely Over, Yet!
Two outstanding personalities of the United States, Nomi Prins and Bill Black, spoke at „Info-Schall“ critically about the issues of our time. The following is the recording of our live interview from Wednesday.
In three acts, we spoke with journalist and author Nomi Prins and former financial regulator and current economics professor Bill Black on the Great Crsis – divided into:
– How did we get here?
– Where do we stand now?
– Where are we going?
In relation to the first question, we started with the recently released report by the Financial Crisis Inquiry Commission, which concluded: „The financial crisis could have been prevented“ (see: http://www.fcic.gov/) and the fact that there’s no jail time for the culprits of the financial crisis.i
Other topics we’ve discussed were:
– the close relationship of Wall Street and Washington;
– the rising commodity and food prices, and the connection of it to turmoil in the Middle East;
– forecasts for the U.S. dollar and the U.S. Economy;
– developments in the precious metal markets and the policy of central banks in this segment
Regarding the latter point, Nomi Prins expressed that the U.S. gold reserves should be audited, and recommended that Germany should withdraw its gold reserves from New York City.
Unfortunately, Bill Black had to leave us for an interview on MSNBC after the first half of our ß?Info-Schallß? show. We want to present this interview here as well as a complement to our interview:
„Madoff scam puts blame on big banksß? / The Dylan Ratigan Show on MSNBC
On our guests:
Nomi Prins is from the U.S. state of New York. She worked after her studies of mathematics for Chase Manhattan, Bear Stearns and as a managing director at Goldman Sachs. Since ten years now she is a popular, highly respected journalist who has written three books, including the highly recommended, „It Takes a Pillage: Behind The Bailout, Bonuses, and Back Room Deals from Washington to Wall Street.“ Her website is: http://www.nomiprins.com/. Nomi Prins lives in Los Angeles, California.
William K. Black is a professor of economics and law at the University of Missouri at Kansas City. He is the author of „The Best Way to Rob a Bank Is to Own One,“ which deals with the Saving & Loan crisis of the 1980s in the United States and his role as a tough regulator. Black developed the concept of „control fraud“ – fraud, in which the CEO or a head of state uses the company or the state as a „weapon.“ Control frauds cause greater financial losses than all different forms of property crime combined and kill thousands. His academic articles, congressional testimony, and musings about the financial crisis can be found at his Social Science Research Network Page and at New Economic Perspectives.