The Lords of Easy Money

Condition: BRAND NEW ISBN: 9781982166649 Author(s): Christopher Leonard Format: Paperback Language: English Year: 2023 Publisher: Simon & Schuster Pages: 384

Description: The New York Times bestseller from business journalist Christopher Leonard infiltrates one of AmericaA?s most mysterious institutionsA?the Federal ReserveA?to show how its policies spearheaded by Chairman Jerome Powell over the past ten years have accelerated income inequality and put our countryA?s economic stability at risk.If you asked most people what forces led to todayA?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 anywayA?¦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. ThatA?s what it did when COVID hit, printing 300 yearsA? 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 w