Who Needs the Fed?
  • Author : John Tamny
  • Release Date : 24 May 2016
  • Publisher : Encounter Books
  • Genre : Business & Economics
  • Pages : 224
  • ISBN 13 : 9781594038327

Download Or Read Who Needs the Fed? eBook PDF

Book excerpt: The Federal Reserve is one of the most disliked entities in the United States at present, right alongside the IRS. Americans despise the Fed, but they’re also generally a bit confused as to why they distrust our central bank. Their animus is reasonable, though, because the Fed’s most famous function—targeting the Fed funds rate—is totally backwards. John Tamny explains this backwardness in terms of a Taylor Swift concert followed by a ride home with Uber. In modern times, he points out, the notion of credit has been perverted, so that most people believe it’s money and that the supply of it can therefore be increased. This false notion has aggrandized the Fed with power that it can’t possibly use wisely. The contrast between the grinding poverty of Baltimore and the abundance of Silicon Valley helps illustrate the problem, along with stories about Donald Trump, Robert Downey Jr., Jim Harbaugh (the Michigan football coach), and robots. Who Needs the Fed? makes a sober case against the Federal Reserve by explaining what credit really is, and why the Fed’s existence is inimical to its creation. Readers will come away entertained, much more knowledgeable, and prepared to argue that the Fed is merely superfluous on its best days but perilous on its worst.

Who Needs the Fed

Who Needs the Fed

Author : John Tamny
Publisher : Encounter Books
Genre : Business & Economics
Get Book

The Federal Reserve is one of the most disliked entities in the United States at present, right alongside the IRS. Americans despise the Fed, but they’re also generally a bit confused as to why they distrust our central bank. Their animus is reasonable, though, because the Fed’s most ...

The Federal Reserve

The Federal Reserve

Author : S. H. Axilrod
Publisher : Oxford University Press on Demand
Genre : Business & Economics
Get Book

Discusses the legal basis for the Federal Reserve and the powers the institution can carry out, highlights key events in U.S. postwar financial history, and explains how monetary policy is tied to the political and social scenes....

Alexander Hamilton and the Origins of the Fed

Alexander Hamilton and the Origins of the Fed

Author : Jack Rasmus
Publisher : Rowman & Littlefield
Genre : Business & Economics
Get Book

In 1913the United States was one of the last major economies to establish a central bank. This book examines the history and evolution of central banking in the United States from the perspective of central banking functions such as aggregator of private lending to the federal government and the fiscal ...

The Myth of Independence

The Myth of Independence

Author : Sarah Binder,Mark Spindel
Publisher : Princeton University Press
Genre : Business & Economics
Get Book

Born out of crisis a century ago, the Federal Reserve has become the most powerful macroeconomic policymaker and financial regulator in the world. The Myth of Independence traces the Fed’s transformation from a weak, secretive, and decentralized institution in 1913 to a remarkably transparent central bank a century later. Offering ...

America s Bank

America s Bank

Author : Roger Lowenstein
Publisher : Penguin
Genre : Business & Economics
Get Book

A tour de force of historical reportage, America’s Bank illuminates the tumultuous era and remarkable personalities that spurred the unlikely birth of America’s modern central bank, the Federal Reserve. Today, the Fed is the bedrock of the financial landscape, yet the fight to create it was so protracted ...

The Federal Reserve System Purposes and Functions

The Federal Reserve System Purposes and Functions

Author : Bd of Governors of the Federal Reserve
Publisher : Unknown
Genre : Business & Economics
Get Book

Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary ...

The Power and Independence of the Federal Reserve

The Power and Independence of the Federal Reserve

Author : Peter Conti-Brown
Publisher : Princeton University Press
Genre : Business & Economics
Get Book

The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed's rich history, The Power and Independence of the ...

Central Banking 101

Central Banking 101

Author : Joseph Wang
Publisher : Joseph Wang
Genre : Business & Economics
Get Book

Central banking is magic. With a few words, the Fed can lift the stock market out of desperation and catapult it towards euphoric highs. With a few keystrokes, the Fed can conjure up trillions of dollars and fund virtually unlimited Federal spending. And with a few poor decisions, the Fed ...

End the Fed

End the Fed

Author : Ron Paul
Publisher : Grand Central Publishing
Genre : Political Science
Get Book

A provocative and controversial treatise that argues we cannot actually fix the broken economy without discussing the 800-lb gorilla in the room: the Federal Reserve. Most people think of the Fed as an indispensable institution without which the country's economy could not properly function. But in End the Fed, Ron ...

The Lords of Easy Money

The Lords of Easy Money

Author : Christopher Leonard
Publisher : Simon and Schuster
Genre : Business & Economics
Get Book

"The New York Times bestselling business journalist Christopher Leonard infiltrates one of America's most mysterious institutions--the Federal Reserve--to show how its policies over the past ten years have accelerated income inequality and put our country's economic stability at risk"--...

Stewards of the Market

Stewards of the Market

Author : Mitchel Y. Abolafia
Publisher : Unknown
Genre : United States
Get Book

"Mitchel Abolafia goes behind the scenes with the Federal Reserve's powerful Open Market Committee as it responded to the 2008-2009 financial crisis. Relying on verbatim transcripts of closed meetings, Abolafia shows how assumptions about self-correcting markets stymied the Fed and how its leaders came to embrace new ideas"--...

Engine of Inequality

Engine of Inequality

Author : Karen Petrou
Publisher : John Wiley & Sons
Genre : Business & Economics
Get Book

The first book to reveal how the Federal Reserve holds the key to making us more economically equal, written by an author with unparalleled expertise in the real world of financial policy Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market ...

The Road Ahead for the Fed

The Road Ahead for the Fed

Author : John D. Ciorciari,John B. Taylor
Publisher : Hoover Press
Genre : Business & Economics
Get Book

Expert contributors examine the recent actions of the Federal Reserve and suggest directions for the Fed going forward by drawing on past political, historical, and market principles. They explain how the Fed arrived at its current position, offer ideas on how to exit the situation, and propose new market-based reforms ...

The Tyranny of the Federal Reserve

The Tyranny of the Federal Reserve

Author : Brian O'Brien
Publisher : CreateSpace
Genre : Uncategorized
Get Book

The Federal Reserve is a leviathan that overshadows the world economy, dominating it, controlling the flow of money, affecting all our lives. The Federal Reserve Act was passed in 1913 in reaction to the bank runs, bankruptcies and financial chaos caused by the Panic of 1907. The stated purpose of the Act ...