As the Federal Reserve convenes to discuss interest rates, revisit a timely podcast episode that dissects how central banks shape global development and whose interests they serve.

Description: In the wake of the Feds meeting this week to decide whether to lower interest rates or not,  we rewind to our episode “Storming the Federal Reserve” on the way central banks steer world development and for whom. Laura is joined by former Goldman Sachs manager Naomi Prins, and public ownership researcher Thomas Hanna.  They believe that banking and development could look very different.  This episode was originally released January 2019. 

“If you’re going to go the route of creating money to buy up all the subprime mortgages that were at risk at the crux of the crisis which effectively were more at risk because of how much they were manipulated by derivatives and other things throughout the financial system, you would have spent a fraction in a shorter period of time than what has been spent and continues to be spent on the subsidy to the financial system throughout the world.” Nomi Prins

“Postal banking here in the United States has been popular amongst some senators to give the Post Office, which is a publicly owned enterprise, the ability to provide banking services which is common around the rest of the world.”  Thomas Hanna

Guests:

•  Nomi Prins - Former Director, Goldman Sachs and Author, Collusion: How Central Bankers Ruled the World

•  Thomas Hanna Research Director, The Democracy Collaborative and Author, Our Common Wealth: The Return of Public Ownership in the United States

Watch the episode cut airing on PBS stations across the country at our YouTube channel

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RESOURCES:

Related Episodes:

•. Revolution at the Federal Reserve - Watch the Episode

•  Commonomics / New Economy Episodes - Playlist

•  A Public Banking for Public Good  - Watch

•  Money:  The Great Corrupter - David Harvey - Watch

*Recommended books:

• “Collusion: How Central Bankers Ruled the World” by Nomi Prins,  Get the Book

• “Permanent Distortion:  How the Financial Markets Abandoned the Real Economy Forever by Nomi Prins, Get the Book

• “Our Common Wealth: The Return of Public Ownership in the United States” by Thomas M. Hanna, Get the book

(*Bookshop is an online bookstore with a mission to financially support local, independent bookstores. The LF Show is an affiliate of bookshop.org and will receive a small commission if you click through and make a purchase.)

Laura Flanders and Friends Crew:  Laura Flanders-Executive Producer, Writer;  Sabrina Artel-Supervising Producer; Jeremiah Cothren-Senior Producer; Veronica Delgado-Video Editor, Janet Hernandez-Communications Director; Jeannie Hopper-Audio Director, Podcast & Radio Producer, Audio Editor, Sound Design; Sarah Miller-Development Director, Nat Needham-Editor, Graphic Design emeritus; David Neuman-Senior Video Editor, and Rory O’Conner-Senior Consulting Producer.

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ACCESSIBILITY - The broadcast edition of this episode is available with closed captioned by clicking here for our YouTube Channel