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Former top Wall Street banker Nomi Prins says we are headed for a calamity and the “Fed put themselves in a catch 22” situation with a very bad policies to bailout the banks. Prins points out, “Now, you have this heightened volatility. Now, you have this heightened negativity. There is only so much of an amount you can inflate asset bubbles before they destruct, and that’s what we are seeing now in the rising volatility in the last six months, this transition to destruction.”
So, no matter if there is a rate rise or not, the markets are still going to get destroyed. All the warning signs are showing up right now as Prins explains, “What happens before any sort of major implosion is you get this heightened volatility to the downside. You get a heightened volatility to the downside, meaning a lot of jagged edges in the markets, particularly in the stock markets because they most reflect the hot money going in now. Currency trading or Forex trading reflects it too. That’s why you have these rigging frauds going on, and I believe continue to go on. You have all these volatility points along the way in all of these different asset classes. That heightens when the markets turn, and then it becomes a self-fulfilling situation. The more uncertainty there is, the more every little tiny thing creates a more downward cycle rather than an upward bump. That’s what we’re in right now.”
Join Greg Hunter as he goes One-on-One with best-selling author of “All the President’s Bankers,” Nomi Prins.