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The New York Times bestseller from business journalist Christopher Leonard infiltrates one of America’s most mysterious institutions—the Federal Reserve—to show how its policies spearheaded by Chairman Jerome Powell over the past ten years have accelerated income inequality and put our country’s economic stability at risk. If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us. But here, for the first time, is the inside story of how the Fed has reshaped the American economy for the worse. It all started on November 3, 2010, when the Fed began a radical intervention called quantitative easing. In just a few short years, the Fed more than quadrupled the money supply with one goal: to encourage banks and other investors to extend more risky debt. Leaders at the Fed knew that they were undertaking a bold experiment that would produce few real jobs, with long-term risks that were hard to measure. But the Fed proceeded anyway…and then found itself trapped. Once it printed all that money, there was no way to withdraw it from circulation. The Fed tried several times, only to see the market start to crash, at which point the Fed turned the money spigot back on. That’s what it did when COVID hit, printing 300 years’ worth of money in a few short months. Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, inflation is raging, and the stock market is driven by boom, busts, and bailouts. Middle-class Americans seem stuck in a stage of permanent stagnation, with wage gains wiped out by high prices even as they remain buried under credit card debt, car loan debt, and student debt. Meanwhile, the “too big to fail” banks remain bigger and more powerful than ever while the richest Americans enjoy the gains of a hyper-charged financial system. The Lords of Easy Money “skillfully” ( The Wall Street Journal ) tells the “fascinating” ( The New York Times ) tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This is the first inside story of how we really got here—and why our economy rests on such unstable ground. Review: Great book! - Opens your mind Review: Best book that explains FED moves and its impact on world! - This book clearly explains how the Federal Reserve works and how a single decision there can affect global markets. The concepts are presented in simple language that anyone can understand. A must-read book for anyone interested in money, finance, and capital markets!




| Best Sellers Rank | #31,583 in Books ( See Top 100 in Books ) #15 in Banking #28 in Banks & Banking (Books) #41 in Money & Monetary Policy |
| Customer Reviews | 4.6 out of 5 stars 1,771 Reviews |
K**R
Great book!
Opens your mind
I**J
Best book that explains FED moves and its impact on world!
This book clearly explains how the Federal Reserve works and how a single decision there can affect global markets. The concepts are presented in simple language that anyone can understand. A must-read book for anyone interested in money, finance, and capital markets!
D**E
Nice
Nice quailty of book order in hardcover. Explains American financial crisis I read the entire thing Improved my understanding .
A**R
Very nice
Good
M**K
Brilliant Book
The book is very well-written and simple to understand for anyone with a basic understanding of macroeconomics. A very useful guide for anyone wanting to understand the current times of the US economy wrt QE
K**R
Waste of money , I hate this book
Things could be written in few pages . Author writes unnecessary things in book adding unnecessary pages . I hate this book, this is complete waste of money and more than that waste of time. Packaging was good.
R**M
More People Need to Read This Book
Most people tend to blame the politician du jour for economic problems without realizing how much this unelected committee, and really one person, affects their economic life. The author does a really good job of pulling back the curtain on how the Fed works, their effect on American economic life, their intentionally opaque communication to the public, and how their power comes from being unnoticed and not understood. This book confirmed a lot of what I came to think of the Fed’s work over the years and connected even more dots. Spoiler alert: it was even worse than I thought. It is an easy, interesting read and well researched. From the little I know about the author I was initially concerned if he was left of center and if this would taint the book but that really did not come into play much with this subject. Actually, coming a little bit from the left may have been intentional to make people from the left more comfortable with this topic.
A**R
Gran libro! Referencia exacta del roll de la FED
Gran libro. Perfectamente explica el roll de la FED y cómo imprimir dinero solo nos llevará de una crisis a otra sin saber qué alguna de ellas nos alejará cada vez de valores reales y creará más caos e inestabilidad social y económica. Podría ser que COVID 19 solo evidenció lo débil del sistema financiero y la distancia que se encuentra una recesión verdadera.
R**A
Good book
👍👍👍
C**N
Recommended!
Interesting book , if you want to know how money created
G**O
Some inadequacies
Good incite into the workings of the Fed. However the treatment of Quantitative Easing was inadequate at best and incorrect in general. The use of the term "money printing" is misleading with regard to the Feds role. Inadequate explanation of the role of commercial banks credit creation as a source of "new money" and a prime driver of economic instability.
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