Nomi Prins: The World Is Headed for Bear Market Territory

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Nomi Prins recently wrote one heck of a book, All the President’s Bankers. If you have any interest in economic history and/or how it is that the bankers (particularly the central bankers) screwed things up as royally as they have (we are now 7 years from the Crash, 7 years) I highly recommend it.

(From The Daily Reckoning)

Central banks have created the false confidence that an external force will support markets. But that force has nothing to do with the real economy or global economic conditions. Central banks’ main purpose now is to sustain the larger private banks and financial players while providing markets the boost they need to pretend the economy’s healthy.

The world’s major central banks — the Federal Reserve, the European Central Bank, the Bank of Japan and the People’s Bank of China (to a lesser extent) — have been coordinating to reduce the cost of money to add artificial liquidity to the system.

Click here for the article.