Collusion
In this searing exposé, former Wall Street insider Nomi Prins shows how the 2007-2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order.Central banks and international institutions like the IMF have overstepped their traditional mandates by directing the flow of epic sums of fabricated money without any checks or balances. Meanwhile, the open door between private and central banking has ensured endless opportunities for market manipulation and asset bubbles--with government support.Through on-the-ground reporting, Prins reveals how five regions and their central banks reshaped economics and geopolitics. She discloses how Mexico navigated its relationship with the US while striving for independence and how Brazil led the BRICS countries to challenge the US dollar's hegemony. She explains how China's retaliation against the Fed's supremacy is aiding its ongoing ascent as a global superpower and how Japan is negotiating the power shift from the West to the East. And she illustrates how the European response to the financial crisis fueled instability that manifests itself in everything from rising populism to the shocking Brexit vote.Packed with tantalizing details about the elite players orchestrating the world economy--from Janet Yellen and Mario Draghi to Ben Bernanke and Christine Lagarde--Collusion takes the reader inside the most discreet conversations at exclusive retreats like Jackson Hole and Davos. A work of meticulous reporting and bracing analysis, Collusion will change the way we understand the new world of international finance.

Collusion Details

TitleCollusion
Author
ReleaseMay 1st, 2018
PublisherNation Books
ISBN-139781568585628
Rating
GenreEconomics, Nonfiction, History, Politics, Business

Collusion Review

  • Dee Arr
    January 1, 1970
    During the Introduction and the opening chapters (on Mexico and Brazil), I was caught up in the incredible amount of knowledge that juggernauted its way through the pages. After an overview of what has happened in the world due to the central banks, author Nomi Prins than backtracked and provided a fascinating breakdown for various countries. Each chapter takes you in a different direction, but you begin to see how everything ties together and, of course, how one central bank’s actions affect th During the Introduction and the opening chapters (on Mexico and Brazil), I was caught up in the incredible amount of knowledge that juggernauted its way through the pages. After an overview of what has happened in the world due to the central banks, author Nomi Prins than backtracked and provided a fascinating breakdown for various countries. Each chapter takes you in a different direction, but you begin to see how everything ties together and, of course, how one central bank’s actions affect the rest of the world.I was not happy, however, when I reached the chapter on China. The book took on a different tone, right down to the chapter headings. Rather than comments on the book’s information, Ms. Prins chose to celebrate her China chapter using the Chinese Zodiac (Year of the Rabbit, Year of the Dragon, etc.) rather than comment on China’s actions. At times, it almost seemed as if China could do no wrong. The word “collusion” is used to excess in this book. During a YouTube video of Ms. Prins, she explained that while optimistic people might use collaboration (working together to create something), she preferred collusion (secret or illegal cooperation or conspiracy, especially in order to cheat or deceive others). It is difficult to believe that countries from around the world got together and deliberately devised a system while conspiring to deceive and cheat others, which is the message the book conveys. It is easier to believe that a system that was believed to be helpful was initiated, and once in place, it was allowed to continue (doing the same things over and over, expecting different results seems to apply here). Taking the factual aspects of the book, this chain of events can be supported.While the overuse of the word collusion distracts, there is no doubt that the information provided is impressive. Featuring individual central banks in chapter allows readers to easily grasp the history and gain understanding (what was done, why it was done and at whose behest). My feelings were that this information is damning enough without using the accusation of collusion like a virtual club. The velvet glove approach to China didn’t gel with the rest of the book. As demonstrated in the other chapters, central bankers are going to do what they feel is best for their countries and the world as they believe it should evolve to become, no matter which central bank each represents. When you walk through mud, you’re bound to dirty your shoes. No country is immune.This book provides an excellent accounting of what happened, allowing a deep introspection from different angles. Reasonings and subsequent decisions that may have appeared murky when the events were happening become clear. Ms. Prins backs up her writing with an extensive listing of footnotes, taking up approximately a third of the book. It would be difficult to pass by a book as heavily researched and detailed as this one. Four stars.My thanks to NetGalley and Perseus Books, Public Affairs for an advance reading copy of this book.
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  • Glen
    January 1, 1970
    I won this book in a goodreads drawing.A history of how the big banks caused the financial meltdown of 2008. I don't completely agree with all the author's conclusions, but I felt better informed after I read this.
  • Mike
    January 1, 1970
    I would guess a good 98% of this book is just regurgitating news which has been available to all over the past 15-20 years without much comment on the part of the author. This makes the read extremely dry if not a tad wonky. In fact, it is hard to stop from glazing over with the neverending numbers and her love of abbreviations and acronyms. Then, in her conclusion (only a few pages) she comes alive and makes some great points. If only she had commented, drawn parallels, given opinions in the re I would guess a good 98% of this book is just regurgitating news which has been available to all over the past 15-20 years without much comment on the part of the author. This makes the read extremely dry if not a tad wonky. In fact, it is hard to stop from glazing over with the neverending numbers and her love of abbreviations and acronyms. Then, in her conclusion (only a few pages) she comes alive and makes some great points. If only she had commented, drawn parallels, given opinions in the rest of the book, this could have been an excellent effort.
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  • Evan
    January 1, 1970
    I read this book after hearing Nomi Prins interviewed by Erik Townsend on the Macrovoices podcast. I thought the interview was fascinating enough that I should read her book. After reading the book, I thought of something I heard said from Patrick O'Shaughnessy (Invest Like the Best podcast) - it is rare that a book is worth reading after hearing the author interviewed. That is how I feel. I also agree with the 5 other reviews currently on Goodreads. First, the first sections on Brazil and Mexic I read this book after hearing Nomi Prins interviewed by Erik Townsend on the Macrovoices podcast. I thought the interview was fascinating enough that I should read her book. After reading the book, I thought of something I heard said from Patrick O'Shaughnessy (Invest Like the Best podcast) - it is rare that a book is worth reading after hearing the author interviewed. That is how I feel. I also agree with the 5 other reviews currently on Goodreads. First, the first sections on Brazil and Mexico were much more interesting because I had not heard much of it during the past decade. Second, the book was very dry and quite hard to read without getting bored. My main criticism of this book is how she quotes Chinese politicians repeatedly, and accepts everything they say without skepticism. For example, when Secretary of the Treasury Lew says China needs to let the Yuan float, she says he is promoting collusion and quotes a Chinese banker as saying the China is letting market forces determine the Yuan's value as proof that the US is involved in collusion. I have no doubt that US politicians lie, but I also have no doubt that Chinese officials lie. My next criticism is I don't understand why coordinated actions by government bankers from different nations constitutes collusion. I did appreciate being made aware of a comment from IMF chief Christine Lagarde: “Which might very well mean, that if we have this conversation in 10 years’ time...we might not be sitting in Washington, D.C. We’ll do it in our Beijing head office,” Lagarde said. https://www.reuters.com/article/us-im... Anyway, I would recommend the 40 minute Macrovoices podcast interview instead of the 17 hour audiobook. ;)
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  • Michael
    January 1, 1970
    Nomi Prins does a deep dive into the activities of central banks from the 2008 crisis through 2017. It's a difficult (for me!) but very insightful look at how the central bankers went wild with conjuring money and how so little of it caused any real economic growth. It's incredibly well-sourced and detailed. It covers the Bank of Japan, the People's Bank of China, Bank of Brazil, and the European Central Bank. It ends with a brief conclusion about what could be done.I have three main criticisms Nomi Prins does a deep dive into the activities of central banks from the 2008 crisis through 2017. It's a difficult (for me!) but very insightful look at how the central bankers went wild with conjuring money and how so little of it caused any real economic growth. It's incredibly well-sourced and detailed. It covers the Bank of Japan, the People's Bank of China, Bank of Brazil, and the European Central Bank. It ends with a brief conclusion about what could be done.I have three main criticisms of the book. First, it's extremely jargon-heavy and doesn't have nearly enough explanation of the complex financial maneuvers discussed in the book. Second, it feels like it oscillates between a very detailed chronology of the market and bank's reactions to the financial crisis to a deeper explanation of big picture/what it means. Finally, it needed a little more editing. There are a few mispellings (backer instead of baker) and I think some inversions (lower interest rates when she meant higher interest rates).Overall, a very detailed review of the non-US central banks' role in the aftermath of the financial crisis.
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  • Mel
    January 1, 1970
    This is a dense read and best done ion small chucks or one chapter per sitting/day. What caused the financial crisis in 2007-8? The direct cause in the United States. Big banks, the stock markets, and elites created the policies and instruments that failed. Collusion by central banks to save big banks and investors failed banks failed to solve the problem. This book explains why. It also makes the case why it can happen again. Worthy of a read and discussion. Circle
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  • Jack Teng
    January 1, 1970
    Essential read
  • Deedee
    January 1, 1970
    Dewey 332.11
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