Blab Politics
Nomi Prins Unveils Permanent Distortion, Criticizing the Gap Between Wall Street and the Real Economy
Nomi Prins, a former Wall Street executive who left the industry after becoming disillusioned with its practices, released her third book, Permanent Distortion: How Financial Markets Abandoned the Real Economy Forever, in October 2022. The book argues that a widening wedge between financial markets and the everyday economy has become a permanent feature of the 21st‑century financial system.
Prins began her career in investment banking, holding senior positions at Goldman Sachs, Bear Stearns in London, Lehman Brothers, and Chase Manhattan. She left the firm in the mid‑2000s to pursue investigative journalism after observing what she described as unethical behavior in the banking sector. Since then she has written for The New York Times, Forbes, Fortune, Newsday, The Guardian, The Nation, The New York Daily News, La Vanguardia, and Salon.com.
The book’s central thesis, which Prins first outlined in a 2020 PhD thesis, is that the policies adopted by central banks—particularly the Federal Reserve’s large‑scale asset purchases and ultra‑low interest rates—have created a “permanent distortion.” According to Prins, this distortion keeps financial markets buoyant while the real economy receives only a fraction of the monetary stimulus. She argues that the result is a system that benefits investors and speculators at the expense of ordinary workers and consumers.
Prins has presented the ideas in Permanent Distortion at a range of venues. She was a keynote speaker at a joint conference hosted by the Federal Reserve, the International Monetary Fund, and the World Bank in Washington, D.C. Other speaking engagements include the London School of Economics, the UK Parliament, the Mexican Senate, the Tokyo Stock Exchange, Google, Columbia University, and the National Consumer Law Center. In addition, she has appeared on television programs on BBC, CNN, CNBC, MSNBC, C‑SPAN, Democracy Now, Fox, and PBS, and has been a frequent guest on radio shows such as Marketplace and NPR.
Beyond her book, Prins has contributed to public policy discussions. She served on Senator Bernie Sanders’ Federal Reserve Reform Advisory Council, a panel that advised on potential changes to the Fed’s mandate and governance. She has also been a Distinguished Senior Fellow at the Demos think tank from 2002 to 2016 and sits on the advisory boards of the whistle‑blowing group ExposeFacts, the animal‑welfare organization The Elephant Project, and the global advisory board of Ethical Markets.
Prins’ earlier works include Collusion: How Central Bankers Rigged the World (2018) and All the Presidents’ Bankers: The Hidden Alliances that Drive American Power (2014). Both books examine the influence of private finance on public policy and the historical relationship between Washington and Wall Street.
She holds a Bachelor of Science in mathematics from SUNY Purchase and a Master of Science in statistics from New York University, where she also completed coursework toward a PhD. Her academic background informs her analytical approach to financial history and policy.
The release of Permanent Distortion has been accompanied by a book tour, speaking engagements, and a series of interviews on platforms such as King World News and CNBC International. Prins has used these appearances to explain how the “permanent distortion” has contributed to recent economic volatility and to outline potential reforms aimed at restoring a balance between financial markets and the real economy.
The book is available in hardcover and e‑book formats through major retailers and can be pre‑ordered via Prins’ website, nomiprins.com. Readers and policymakers interested in the book’s analysis can also follow Prins’ ongoing commentary on her social‑media channels and her newsletter, Prinsights Global.
In sum, Nomi Prins’ latest work seeks to illuminate the structural disconnect between Wall Street and everyday economic activity, a theme that has resonated with scholars, journalists, and policymakers who question the long‑term sustainability of current monetary practices.
Prins began her career in investment banking, holding senior positions at Goldman Sachs, Bear Stearns in London, Lehman Brothers, and Chase Manhattan. She left the firm in the mid‑2000s to pursue investigative journalism after observing what she described as unethical behavior in the banking sector. Since then she has written for The New York Times, Forbes, Fortune, Newsday, The Guardian, The Nation, The New York Daily News, La Vanguardia, and Salon.com.
The book’s central thesis, which Prins first outlined in a 2020 PhD thesis, is that the policies adopted by central banks—particularly the Federal Reserve’s large‑scale asset purchases and ultra‑low interest rates—have created a “permanent distortion.” According to Prins, this distortion keeps financial markets buoyant while the real economy receives only a fraction of the monetary stimulus. She argues that the result is a system that benefits investors and speculators at the expense of ordinary workers and consumers.
Prins has presented the ideas in Permanent Distortion at a range of venues. She was a keynote speaker at a joint conference hosted by the Federal Reserve, the International Monetary Fund, and the World Bank in Washington, D.C. Other speaking engagements include the London School of Economics, the UK Parliament, the Mexican Senate, the Tokyo Stock Exchange, Google, Columbia University, and the National Consumer Law Center. In addition, she has appeared on television programs on BBC, CNN, CNBC, MSNBC, C‑SPAN, Democracy Now, Fox, and PBS, and has been a frequent guest on radio shows such as Marketplace and NPR.
Beyond her book, Prins has contributed to public policy discussions. She served on Senator Bernie Sanders’ Federal Reserve Reform Advisory Council, a panel that advised on potential changes to the Fed’s mandate and governance. She has also been a Distinguished Senior Fellow at the Demos think tank from 2002 to 2016 and sits on the advisory boards of the whistle‑blowing group ExposeFacts, the animal‑welfare organization The Elephant Project, and the global advisory board of Ethical Markets.
Prins’ earlier works include Collusion: How Central Bankers Rigged the World (2018) and All the Presidents’ Bankers: The Hidden Alliances that Drive American Power (2014). Both books examine the influence of private finance on public policy and the historical relationship between Washington and Wall Street.
She holds a Bachelor of Science in mathematics from SUNY Purchase and a Master of Science in statistics from New York University, where she also completed coursework toward a PhD. Her academic background informs her analytical approach to financial history and policy.
The release of Permanent Distortion has been accompanied by a book tour, speaking engagements, and a series of interviews on platforms such as King World News and CNBC International. Prins has used these appearances to explain how the “permanent distortion” has contributed to recent economic volatility and to outline potential reforms aimed at restoring a balance between financial markets and the real economy.
The book is available in hardcover and e‑book formats through major retailers and can be pre‑ordered via Prins’ website, nomiprins.com. Readers and policymakers interested in the book’s analysis can also follow Prins’ ongoing commentary on her social‑media channels and her newsletter, Prinsights Global.
In sum, Nomi Prins’ latest work seeks to illuminate the structural disconnect between Wall Street and everyday economic activity, a theme that has resonated with scholars, journalists, and policymakers who question the long‑term sustainability of current monetary practices.
