I didn’t think it would be possible to write a book that would make me feel sympathetic to central bankers around the world, but by the end of Nomi Prin’s “Collusion”—stylized, naturally, “COLLU$ION“—I admit, she’d done it.
This was not her intention. Prin’s main charge is an attractive one: that central bankers around the world, led by the United States Federal Reserve, colluded with one another in order to enrich those who were already the very wealthiest in society. To do this, they fabricated money to be pumped into the global economy through zero or near-zero interest rates, never bothering to address the fundamental, underlying problems. Because banks have been using all of their temporary, emergency measures consistently throughout the past decade, Prin says, they’ll have no other tools available when the next crisis hits, so it will be an even larger calamity.