Leonard, Christopher
The Lords of Easy Money: How the Federal Reserve Broke the American Economy
- ISBN 13:
- 9781982166649
- author:
- Leonard, Christopher
- format:
- Paperback
- publisher:
- Simon & Schuster
- language:
- English
- Publication Year:
- 2023
- Pages:
- 384
- Dimensions:
- 20.3 x 14 x 3.8 centimetres (0.2
- Genre:
- Business, Economic History, Business,
- Condition:
- New
- Availability:
- Item usually sent within 10 working days
Description
The Federal Reserve, one of America's most mysterious institutions, has been at the centre of a radical experiment that has reshaped the country's economy for the worse. Business journalist Christopher Leonard reveals how the Fed's policies, spearheaded by Chairman Jerome Powell, have accelerated income inequality and put economic stability at risk.
The story begins with the Fed's quantitative easing intervention in 2010, which more than quadrupled the money supply with the goal of encouraging banks and investors to extend more risky debt. Despite knowing the long-term risks, the Fed proceeded with the experiment, leading to a situation where it was trapped with a surge in money supply that could not be withdrawn. This pattern has repeated itself, with the Fed responding to economic shocks by printing more money.
Today, the consequences of this experiment are stark: the gap between the rich and poor has grown dramatically, inflation is raging, and the stock market is driven by boom, busts, and bailouts. Leonard's inside story provides a fresh perspective on the Fed's role in the American economy and its impact on the country's economic stability.
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