Why Some Win And Some Lose During A Recession

Addison WigginDear Reader,

Our son Henry graduates today from New York University (NYU). As you might imagine, there are various events over the next couple of days we’d like to attend. 

As such, we invited Nomi Prins to hold down the fort for us. You’re in good hands. Nomi is a reformed Wall Street banker for good reason. Her ideas hark back to a day when scruples were something you chose, as you’ll see in today’s essay. – Enjoy, Addison

“Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity funds, is an elaborate fraud.”

– Michael Lewis

 

My First Fight Against
Wall Street Greed

Nomi PrinsDear Reader,

It’s not often that your experiences lead you to conclude that nothing will ever be the same.

But after a decade and a half working in the upper levels of global investment banking…

…followed by two decades as an investigative journalist, best-selling author, and geopolitical financial expert…

I’ve made the most important discovery of my life.

We are standing at the edge of irreversible change. And there’s money to be made because of that.

The markets are no longer attached to fundamentals. They are floating on a multi-trillion-dollar cushion of central bank money.

Since 2002, global central banks have conjured $41 trillion out of thin air. And America’s central bank, the Federal Reserve, has been one of the main culprits. Since 2008 alone, it has created $8 trillion.

That is the driving force behind the distortion we’ve been telling you about in these pages.

You see, the banking system and markets suck up all this cheap money and use it to buy financial assets. As a result, they have become permanently disconnected from the real economy.

And in that distortion, you’ll find huge opportunities to profit… if you know where to look.

That’s what I aim to show you… based on the insights I gleaned during my many years’ experience working within Wall Street.

But first, if you’re just joining me, let me tell you about myself – and why my background and skills can help you make money…

I got my start as an analyst at the Chase Manhattan Bank. I was just 19. This was while I was still studying for my B.S. in mathematics.

Math always came naturally to me. My dad was a world-famous statistician. He taught me chess at age four… and how to program code when I was nine.

And you’d often find 5,000-piece puzzles strewn across our dining room table. He showed me how to put the puzzles together in my mind before I started putting the actual pieces together.

I learned to see how things fit together before they did.

I rose quickly through the ranks at Chase. And I went on to hold senior positions with Lehman Brothers and Bear Stearns London.

Then in 2000, Goldman Sachs recruited me to be a managing director at their global headquarters in New York.

I had a coveted corner office on the 29th floor. And I was raking in a seven-figure salary.

But Wall Street, not a bastion of morality to start with, was rapidly changing… for the worse.

I saw a growing gap between what Wall Street wanted for itself and what was good for its clients. Some of its clients were major companies. But many were average Main Street folks.

The point is, I was fighting losing battles against Wall Street greed.

Then, something happened that altered my life’s trajectory.

My office was just blocks away from the World Trade Center. On 9/11, United Airlines flight 175 passed right by my window. It was the second plane.

The days that unfolded were chaotic for us all. But here’s what stuck with me the most…

Hank Paulson, then-Goldman Sachs Chairman and CEO, left a message on our internal voicemail. He said the “people of Goldman Sachs” had a duty to return to their workplaces.

But I felt differently. Instead, I spent days at the 69th Regiment Armory on Lexington Avenue. There, I helped people comb through lists of artifacts to find anything that belonged to their loved ones.

I realized life was too short to waste time.

Over the weeks that followed, I knew I had another calling – to shed light on the shadiness of Wall Street and corporate America.

Much to the disappointment of my mother, I quit my job at Goldman. I gave up potential millions of dollars in compensation to freely tell the truth.

And over the years, I have done just that.

I now travel the world as an investigative financial reporter digging into facts and events. I speak at global conferences and symposiums. And I advise top elected officials on financial and economic matters.

You’re probably wondering why I’m telling you this today. And what it has to do with the disconnect between the markets and the real economy I mentioned earlier.

I once helped major firms on Wall Street make millions of dollars.

When I left Wall Street, I blew the whistle on its shady practices. I appeared on TV and radio. I spoke to audiences of students and politicians. And I wrote numerous newspaper articles and books on the subject.

Now, I’m channeling all my education and professional experience into actionable ideas to fortify your finances.

I share my knowledge and insights about what drives markets, the economy, and the financial system. I want you to be able to take advantage of my experience and build out your portfolio.

The markets are in flux… Now more than ever.

We’re facing unprecedented shifts in the relationship between the markets and the real economy.

This will create volatility in the markets like we’ve never seen before.

But we’ve got you covered…

Regards,

Addison Wiggin

Nomi Prins,
For The Wiggin Sessions

P.S. We’re on the brink of the greatest wealth transfer in the history of America. It’s a $150 trillion shift I call “The Great Distortion.” Americans who see what’s coming could potentially multiply their retirement nest egg 10 times with a few key investments I have identified.

What’s more… I unveiled a special briefing to tell you all about this $150 trillion transfer of wealth. To watch it, follow this link.

Addison Wiggin

Addison Wiggin

Addison Wiggin is founder and executive publisher of Agora Financial LLC, an independent economic forecasting and financial research firm. He and Bill Bonner began writing the firm’s flagship Daily Reckoning in the midst of the tech boom and bust. It was one of the first widely distributed email newsletters on the Internet. The publication’s critical eye on finance and economics continues today. He’s also creator and editorial director of Agora Financial’s daily missive The 5 Min. Forecast.

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