Profile image
By The Daily Reckoning (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Nomi Prins: Welcome to the Artisanal Money Era

Thursday, October 13, 2016 11:03
% of readers think this story is Fact. Add your two cents.

This post Nomi Prins: Welcome to the Artisanal Money Era appeared first on Daily Reckoning.

In her latest interview Nomi Prins dives deep into what is happening within the International Monetary Fund (IMF) and central banks within what she defines as the Artisanal Money Era.  In the discussion Prins’ gets to the heart of what all of this means for the everyday person just trying to stay afloat.

After being asked about Central Banks and what ordinary people need to know she responded, “The power that some of these central banks have had with the Federal Reserve, ECB, The IMF… Has really increased tremendously in terms of not just interest rates that were prevailing (which were negative to zero) but also the way in which they are moving economic growth, or stifling economic growth by instead fortifying financial institutions and private banks.”

“They have taken a multiplied role beyond what their stated purpose was in terms of politics, economics and financial systems than they have in the past. They are not stopping. It is a new era we are in. I call it an artisanal money era.  They create money. They move money. They have always done that but now it has more power attached to it from a political and economic standpoint.”

Nomi Prins has worked as a managing director at Goldman-Sachs and as a Senior Managing Director at Bear Stearns, as well as a senior strategist at Lehman Brothers and analyst at the Chase Manhattan Bank.  She is a best selling author and historian that is currently working on a book, Artisans of Money.

During the interview she was asked by Edward Harrison of RT: “The IMF has long been dominated by the west. Recently it made the Chinese Yuan has become a part of the Special Drawing Rights, the international currency, that is has. Is this a sign that that the center of gravity is moving away from the western economies?”

Nomi Prins did not mince words when responding to the question of “world money” after saying, “Absolutely. It is a sign that has been growing because of the financial crisis that was caused by the western banks – predominantly the U.S but also Europe as well. As a result other countries, China in particular, has stood up and said “we don’t want to be impacted from a currency standpoint, an economic standpoint or a financial system standpoint by something that can behave so recklessly…”

Nomi Prins Artisanal Money

She went on to note that, “Part of where the IMF has come and changed their basket to include the Yuan is to make sure their is another voice at the table.  It is not just the IMF that is changing.  The New Development Bank (NDB), or the BRICS bank, that is headquartered in Shanghai. They have developed in order to be able to provide funds for infrastructure and other types of longer term development projects to emerging countries by emerging market countries.”

“All of that is really in contrast to the danger that had been imposed on the entire system by the western banks.”

Check out the full interview here where Nomi goes on to discuss the Wells Fargo scandal and more.


Craig Wilson, @craig_wilson7
for the Daily Reckoning

Ed. Note: Sign up for a FREE subscription to The Daily Reckoning, and you’ll receive regular insights for specific profit opportunities. By taking advantage now, you’re ensuring that you’ll be set up for updates and issues in the future. It’s FREE.

The post Nomi Prins: Welcome to the Artisanal Money Era appeared first on Daily Reckoning.

This story originally appeared in the Daily Reckoning . The Daily Reckoning, offers a uniquely refreshing, perspective on the global economy, investing, gold, stocks and today’s markets. Its been called “the most entertaining read of the day.


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.