All the Presidents’ Bankers Free Essay

The Hidden Alliances that Drive American Power

  1. Introduction

The book All the Presidents’ Bankers: The Hidden Alliances that Drive American Power written by Nomi Prins, an independent journalist specified in discussion and analysis of economic issues and the issues related to finance and politics, highlights significance of  the relationships between influential Wall Street bankers and the US presidents elected in the 20th century. The book is aimed at discussing the various aspects of inequality in the United States since 1928, placing emphasis on the so-called Wall Street bonuses which hit pre-2008 levels and which affected secretly initiated collusion between Washington and the financial industry. My feelings about this book are positive because the author managed to persuade the reader on the roles played by a small number of bankers in developing the US financial, foreign, and domestic policies. Due to examination of these relationships, it is possible to identify the events that influenced the establishment of the Federal Reserve, the provision of governmental response to the Great Depression, and the creation of two important institutions: the International Monetary Fund and the World Bank. Now a senior fellow at Demos, Prins is a former managing director at Bear Stearns and Goldman Sachs, and previously an analyst at Lehman Brothers and Chase Manhattan Bank.

  1. Summary of the book

            The book is designed in a way that the author helps the reader to observe the hundred-year history of collusion that occurred between Washington and Wall Street. Prins uses her journalist style to  reveal the events of the 20th century, which united bankers and the US presidents to shape stability of the national financial system. There is much evidence in the book that shows how Wall Street managed to grow outside of the government’s control, which led to the growth of financial speculation, and, finally, to the financial crisis of 2008. Although the US economy is rather stable, the author claims “Either we break the alliances, or they will break us” (Prins 423).

            Actually, the author places emphasis on the following historic events: the Panic of 1907, the WWI, the Great Depression, and the WWII, the Cold War and Vietnam War, which were connected with the following political figures: President Wilson, J. P. Morgan, President Roosevelt, President Truman, and others. Prins provides an accurate analysis of the impact of the Cold War and Vietnam War on the position of the United States as a superpower, as well as its global expansion strategy. The author focuses on promotion of  democratic principles and values, as well as social welfare issues in the United States. There is much information that provides description of the nature of political-financial alliances and their relevance to security of Middle east oil profits.  Finally, the author describes the causes and consequences of the financial crisis of 2008, linking this event the US presidency’s loss of control over the national economy. The book contains 544 pages.

  1. Analysis of the book’s key argument

The author, an American journalist and public speaker, is authorised to write on the selected topic. She is now a senior fellow at Demos. In the past years, she served as a managing director at Bear Stearns and Goldman Sachs. Also, she has a previous experience as an analyst at Lehman Brothers and Chase Manhattan Bank. The key argument made by the author in her book is that there are the ongoing alliances between the major bankers and the US presidency that lead to the hidden information about the true state of the US economy. Prins states that in 2001, “the true state of the economy remained hidden, teetering on a flimsy base of fraud, inflated stocks, and bank created debt” (397). Currently, the situation remains the same. The author is interested in the analysis of the facts that led transformation of the US economy and government and that contributed to emergence of the so-called dictated foreign and domestic policies, which, finally, shaped the US history.

In fact, the author’s key argument is strong enough to characterize the history of American power, which was based on the influential position of bankers in political life of the country. The book explores the emergence of adverse consequences of the political system because of the lack of barriers between private power and public power. Prins is successful in providing logical explanation of the major issues that support her argument.

  1. Evaluation of the effectiveness of the book

Prins’ book has achieved its goal because it attracts attention not only of the general public, but also of politicians, political scientists, and researchers who are engaged in the study of the US politics and economy. The book is coherent as the author provides logical and consistent content, supported by historical evidence. Also, the book is well-organized. Each chapter gives accurate  information on the selected issues. The author’s style of writing reflects her clarity of thought that is characterised as refreshing. The author’s extensive professional experience helps her to share her ideas with the reader and identify the positive and negative aspects of hidden alliances between bankers and the presidency, which tend to drive American power. The style of writing is similar to journalistic writing that incorporates short and simple sentences, which are accumulated into paragraphs. Her content is based mainly on facts taken from the US history. The author’s arguments are supported by the quotes of famous people taken from credible sources, such as governmental documents, intreviews with politicians, and others. In general, Prins has not omitted any information that may have strengthened the book. She selected the most important historical events that influenced the US economy. The most convincing are the author’s points on the relationships between political figures and bankers. The least convincing are Prins’ points on how the US bankers managed to shape the world and the US position at the global arena as a superpower. Actually, there was nothing frustrating about the book.

  1. My reaction to the book

My reaction to this book is positive. I would recommend this book because it is easy to read and it gives an accurate description of the key factors that influences the US economy. I would recommend this book to anyone who is interested in the US history, particularly economic and political development of the United States. I was convinced by the author’s main argument because it was supported by credible evidence. Here are a few examples that stuck out to me in particular. These are the chapters that describe when the US presidents needed the bankers in their political activities and decision making, namely in the late 1940s during world reconstruction, which called for private bankers roles in shaping the US economy and the mid- to late 1960s period which led to the growth of progressive policies and establishment of the bankers’ economy.

  1. Conclusion

Thus, it is necessary to conclude that the book All the Presidents’ Bankers: The Hidden Alliances that Drive American Power by Nomi Prins is worth reading and analysing because it helps to better understand the nature of political power in the United States. The author’s main argument is valid  and allows drawing relevant conclusions on the effect of the hidden alliances on the US position at the global level.

 

Works Cited

Prins, Nomi. All the Presidents’ Bankers: The Hidden Alliances that Drive American Power. PublicAffairs, 2014. Print.

The terms offer and acceptance. (2016, May 17). Retrieved from

[Accessed: March 19, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016.

[Accessed: March 19, 2024]

freeessays.club (2016) The terms offer and acceptance [Online].
Available at:

[Accessed: March 19, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 19, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 19, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 19, 2024]

"The terms offer and acceptance." freeessays.club, 17 May 2016

[Accessed: March 19, 2024]
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