Permanent Distortion
How the Financial Markets Abandoned the Real Economy Forever
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Narrated by:
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Ellen Archer
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By:
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Nomi Prins
About this listen
A riveting exposé of a permanent financial dystopia, its causes, and real-world consequences
It is abundantly clear that our world is divided into two very different economies. The real one, for the average worker, is based on productivity and results. It behaves according to traditional rules of money and economics. The other doesn’t. It is the product of years of loose money, poured by central banks into a system dominated by financial titans. It is powerful enough to send stock markets higher even in the face of a global pandemic and threats of nuclear war.
This parting from reality has its roots in an emergency response to the financial crisis of 2008. “Quantitative Easing” injected a vast amount of cash into the economy—especially if you were a major Wall Street bank. What began as a short-term dependency became a habit, then a compulsion, and finally an addiction.
Nomi Prins relentlessly exposes a world fractured by policies crafted by the largest financial institutions, led by the Federal Reserve, that have supercharged the financial system while selling out regular citizens and leading to social and political reckonings. She uncovers a newly polarized world of the mega rich versus the never rich, the winners and losers of an unprecedented distortion that can never return to “normal.”
PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.
©2022 Nomi Prins (P)2022 PublicAffairsListeners also enjoyed...
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A national best-seller, Dead Aid unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth. In fact, poverty levels continue to escalate and growth rates have steadily declined - and millions continue to suffer. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Dambisa Moyo offers a bold new road map for financing the development of the world's poorest countries.
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Dangerous / Right Wing US view
- By David O'Donovan on 03-05-19
By: Dambisa Moyo, and others
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The Shifts and the Shocks
- What We've Learned - and Have Still to Learn - from the Financial Crisis
- By: Martin Wolf
- Narrated by: Sean Pratt
- Length: 14 hrs and 53 mins
- Unabridged
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The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. The audiobook identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system.
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Good on Europe's problems, fair global update
- By Philo on 01-08-15
By: Martin Wolf
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China's Economy
- What Everyone Needs to Know®
- By: Arthur R. Kroeber
- Narrated by: Paul Heitsch
- Length: 11 hrs and 31 mins
- Unabridged
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China's Economy: What Everyone Needs to Know® is a concise introduction to the most astonishing economic growth story of the last three decades. In the 1980s, China was an impoverished backwater, struggling to escape the political turmoil and economic mismanagement of the Mao era. Today it is the world's second biggest economy, the largest manufacturing and trading nation, the consumer of half the world's steel and coal, the biggest source of international tourists, and one of the most influential investors in developing countries from southeast Asia to Africa to Latin America.
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An interesting insight
- By Cole Peters on 11-28-18
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Red Flags
- Why Xi's China Is in Jeopardy
- By: George Magnus
- Narrated by: Derek Perkins
- Length: 9 hrs and 59 mins
- Unabridged
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Over the past four decades, China's remarkable transformation has garnered admiration but also sparked concern. George Magnus draws on his intimate knowledge of this dynamic nation to uncover the origins of its ascent and show why the economic traps it faces at home and the political challenges it faces abroad pose a serious threat to its continued rise.
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A pessimistic vision with western liberal bias
- By Jeronimo L. Jimenez on 10-23-20
By: George Magnus
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The End of Normal
- The Great Crisis and the Future of Growth
- By: James K. Galbraith
- Narrated by: L. J. Ganser
- Length: 9 hrs and 27 mins
- Unabridged
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The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe - and a stale argument between two false solutions, “austerity” on one side and “stimulus” on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000 - interrupted only by the troubled 1970s - represented a normal performance.
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Russia's Crony Capitalism
- The Path from Market Economy to Kleptocracy
- By: Anders Aslund
- Narrated by: Roger Clark
- Length: 12 hrs and 28 mins
- Unabridged
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This insightful study explores how the economic system Vladimir Putin has developed in Russia works to consolidate control over the country. By appointing his close associates as heads of state enterprises and by giving control of the FSB and the judiciary to his friends from the KGB, he has enriched his business friends from Saint Petersburg with preferential government deals. Thus, Putin has created a super wealthy and loyal plutocracy that owes its existence to authoritarianism.
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great book, so so narration
- By Rob on 05-20-19
By: Anders Aslund
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The End of Alchemy
- Money, Banking, and the Future of the Global Economy
- By: Mervyn King
- Narrated by: Greg Wagland
- Length: 14 hrs and 3 mins
- Unabridged
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Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his 10 years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy, he offers us an essential work about the history and future of money and banking, the keys to modern finance.
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Two books in one, both very fine
- By Philo on 07-13-16
By: Mervyn King
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Fault Lines
- How Hidden Fractures Still Threaten the World's Economy
- By: Raghuram Rajan
- Narrated by: Richard Davidson
- Length: 12 hrs and 58 mins
- Unabridged
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Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed.
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A REAL SNOOZER
- By Frank on 12-02-10
By: Raghuram Rajan
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Why Save the Bankers?
- And Other Essays on Our Economic and Political Crisis
- By: Thomas Piketty, Seth Ackerman - translator
- Narrated by: LJ Ganser
- Length: 5 hrs and 1 min
- Unabridged
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Thomas Piketty's work has proved that unfettered markets lead to increasing inequality. Without meaningful regulation, capitalist economies will concentrate wealth in an ever smaller number of hands. Armed with this knowledge, democratic societies face a defining challenge: fending off a new aristocracy. For years Piketty has wrestled with this problem in his monthly newspaper column, which pierces the surface of current events to reveal the economic forces underneath.
By: Thomas Piketty, and others
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The Ascent of Money
- A Financial History of the World
- By: Niall Ferguson
- Narrated by: Simon Prebble
- Length: 11 hrs and 27 mins
- Unabridged
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Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it's the sinews of war. To revolutionaries, it's the chains of labor. Niall Ferguson shows that finance is in fact the foundation of human progress.
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A mostly successful and interesting history
- By A reader on 02-24-09
By: Niall Ferguson
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Globalization and Its Discontents
- By: Joseph E. Stiglitz
- Narrated by: Derek Perkins
- Length: 10 hrs and 33 mins
- Unabridged
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This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. When it was first published, this national best-seller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at the World Bank.
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Plea
- By Asma on 10-13-20
What listeners say about Permanent Distortion
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Sarsaparilla
- 10-30-22
Excellent retrospective of recent events
Very well written and narrated. A trip down memory lane, recalling the cast of characters and strange developments that have taken place in recent decades. Full of pertinent information, seamlessly tied together from the perspective of an author who was paying much more attention than I ever was. As an independent voter, I found it to be fairly even-handed.
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2 people found this helpful
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- marwalk
- 12-11-22
The market has nothing to do with the real economy
From the documented accounts in this book, Nomi Prins demonstrates that the stock market has little relation to, and even less impact on, the real economy where most people live. Although left brain bean counters will be right at home with the almost overload of quantitative information, readers without a financial background will also be able to follow these events that follow the money. Prins recounts event after event in which the markets are saved and usually come out stronger from financial melt downs such as that in 2008—while the real economy as measured by quality employment and financial security for those not playing the markets continues to decline. From causations documented in this book, Prins makes it clear that the real economy will never recover under this system. Increasing numbers of people are waking up to that every day—and they are starting to do something about it, including the use by some of digital currencies such as Bitcoin.
As implied in the book's title, Prins asserts there is no going back. The author identifies five main emerging economic sectors that overlap in functionality, material, and skills needed to implement them: 1. New energy, 2. Infrastructure, 3. Transformative technology, 4. New money, and 5. Meta-reality (Metaverse and artificial intelligence). Prins also identifies the sectors that are attracting public/private infrastructure investment in the real economy, and those are: 1. Sustainable power, 2. Technological innovation, 3. Virtual collaboration portals, and 4. Revolutionizing of money itself.
Of the several points made in this book, a prominent take away is the complete separation of the markets from the real economy—that when there is news of the market doing well, one must remember that has nothing to do with the real economy. Let's lean into the future and insist that all financial activity be put to genuine productive use.
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- David L. Moore
- 01-19-23
Excellent
This is an excellent read. Nomi Prins precisely tells the facts of the last 13 years of monetary policy and its implications.
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- Artemisia
- 02-05-23
Good premise
The premise of this book is intriguing and probably accurate. The world of finance and particularly central banks are fueling asset markets and starving the real economy of capital. Unfortunately the latter 2/3rds of the book stray off into the weeds and on topics that seem both peripheral and not logically supported by the main premise.
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- SteveO
- 10-24-22
Great summation of current world
i have followed Nomi for a while but was surprised by her good analysis of the future of money. Having gone through my own transformation to understand the basis of money and "reality", I loved the final chapters of this book. i recommend it to all since we NEED this transformation!!
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- Duff Mayer
- 01-31-23
nothing special here. just a history review lesso
struggled to finish.
narrator monotone and 😴 boring
thought would be more interesting ....
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- Clickdawg
- 10-22-22
Great book and author
I’ve been following the author for many years and have enjoyed her appearances on many podcasts. If you’ve ever struggled to try and make sense of the madness which is our current economic system, this book will assist in making sense of how we got here. I am re-reading several sections. Highly recommended.
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- Dude
- 10-14-22
Meh. It’s basically a list of events we just lived through
The narration is clear, smooth, and articulate. However, there is not a whole lot of insight or new ways to interpret what we just lived through/are living through. It basically reads like a history of what happened long ago, and yet discusses events right up to late 2021 and here we are in 2022 still living through it. I was waiting for something like “what this means is….” Or “as a result [certain things] are inevitable, even if the FED kicks the can down the road again; therefore one should position themselves by….” In fact, even the title is kind of misleading. There were assertions made about how the Fed and Central Banks and politicians have distorted our sense of value and understanding of what things are worth and how inequality has been exacerbated, but there was no indication or even implication as to how one might deal with said distortions—they just are. Oh and there will probably be inflation of commodities like silver, copper and cobalt (the last sentence of the book)—the end. Apologies to the author as I do not like writing negative reviews, but I didn’t learn anything new and I doubt anyone who reads the Wall Street Journal or a financial blog every now and again will either.
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- Christopher Calhoun
- 12-31-22
Outstanding Book about the current Financial sys.
This book gives a very detailed explanation of our financial system and how the top 1% benefits while the masses suffer. A must read !
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- XXL
- 10-17-22
Lots of data, but not focused
The theme of the book is very clear, and the reading is great.
I suspect most readers would have already noticed that “stock market is no real economy”, just hope to be further enlightened on underling reasons and trending. But after completing the audio book I don’t feel I have learned much beyond the assertion, and been offered clear proposals on how to deal this undesirable distortion (“makes the rich richer and the poor poorer”) . Sure the author presented a lot of facts, including data, examples, before and after many historical events across the world, but linkages to the theme and key arguments seem weak, for e.g., why this distortion will be “permanent”.
Also I thought the book could be significantly shortened.
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