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9780199388967 English 0199388962 The Federal Reserve is the most powerful central bank in the world. Without its central bank, America would be subject to devastating fluctuations in currency value and chronic economic instability. To stabilize the economy, the Fed adjusts interest rates and intervenes in the economy more directly when appropriate. According to most Fed observers, it as an impartial referee exercising its independence free from political interference in order to advance the best interests of America. Its actions during the Great Recession were heroic, saving the American and indeed the world economy from a far worse fate. Wrong. Lawrence Jacobs and Desmond King's Fed Power is the first sustained examination of the Fed as a potent political institution that systematically provides concealed advantages to a privileged few. The authors trace the Fed's historic development from the fiery tug-of-war over monetary policy during the 19th century to its current position as the most important institution in the American economy, possessing unparalleled capacity and autonomy to intervene in private markets. Yet despite its power and resources, it was asleep at the wheel when the crisis hit. After it hit, the Fed acted swiftly to contain the crisis, but in the process exposed its real preferences. Jacobs and King dissect how the Fed's programs during the Great Recession funneled enormous sums to a select few in the finance industry while leaving Main Street businesses adrift and millions of homeowners underwater. Far from serving the national interest, the Fed increased economic inequality in America and further enriched the "one percent." America is heading into the next financial crisis without an effective central bank. 'End the Fed' is a popular slogan that not only voices the people's displeasure with the Fed's favoritism, but also speaks to a national feeling of the Fed's illegitimacy. Of course, we need a powerful and capable central bank - getting rid of it is a roadmap to mass unemployment and impoverishment. Jacobs and King present an energetic reform agenda to build the sort of accountable central bank that other countries, like Canada, already possess and which can help ensure that the economy remains stable and prosperous for all and not just a few., The Federal Reserve, created a century ago, is the most powerful central bank in the world. It dictates interest rates and designs bailouts without the usual checks and balances that pervade US domestic policy making. Most commentators treat the Fed as an impartial referee exercising its independence to advance the best interests of America. Wrong. Lawrence Jacobs and Desmond King's Fed Power is the first sustained examination of the Fed as a potent institution in its own right and an engine for producing concealed advantages for a privileged few. They trace the Fed's historic development from the fiery tug-of-war over monetary policy during 19th century into a mutant 'big government' institution with unparalleled capacity and autonomy to intervene - often surreptitiously - in private markets. Jacobs and King dissect the Fed's programs during the Great Recession to reveal how it funneled enormous sums to a select few in the finance industry while leaving Main Street businesses adrift and millions of homeowners underwater. Far from serving the national interest, the Fed increased economic inequality in America and further enriched the one percent. America is heading into the next financial crisis without an effective central bank because of the public and congressional backlash against the Fed's favoritism. 'End the Fed' is a slogan and symptom of the Fed's illegitimacy; it is also a roadmap to mass unemployment and impoverishment. America, like other democratic capitalist countries, requires an effective central bank to step in as a last resort during financial maelstroms and to rudder the economy under normal circumstances. Jacobs and King present an energetic reform agenda to build an accountable central bank in America. Fed Power is key reading for anyone who wants to understand the Fed's contribution to inequality in the U.S. and the coming political crisis that will be provoked by the next financial implosion.
9780199388967 English 0199388962 The Federal Reserve is the most powerful central bank in the world. Without its central bank, America would be subject to devastating fluctuations in currency value and chronic economic instability. To stabilize the economy, the Fed adjusts interest rates and intervenes in the economy more directly when appropriate. According to most Fed observers, it as an impartial referee exercising its independence free from political interference in order to advance the best interests of America. Its actions during the Great Recession were heroic, saving the American and indeed the world economy from a far worse fate. Wrong. Lawrence Jacobs and Desmond King's Fed Power is the first sustained examination of the Fed as a potent political institution that systematically provides concealed advantages to a privileged few. The authors trace the Fed's historic development from the fiery tug-of-war over monetary policy during the 19th century to its current position as the most important institution in the American economy, possessing unparalleled capacity and autonomy to intervene in private markets. Yet despite its power and resources, it was asleep at the wheel when the crisis hit. After it hit, the Fed acted swiftly to contain the crisis, but in the process exposed its real preferences. Jacobs and King dissect how the Fed's programs during the Great Recession funneled enormous sums to a select few in the finance industry while leaving Main Street businesses adrift and millions of homeowners underwater. Far from serving the national interest, the Fed increased economic inequality in America and further enriched the "one percent." America is heading into the next financial crisis without an effective central bank. 'End the Fed' is a popular slogan that not only voices the people's displeasure with the Fed's favoritism, but also speaks to a national feeling of the Fed's illegitimacy. Of course, we need a powerful and capable central bank - getting rid of it is a roadmap to mass unemployment and impoverishment. Jacobs and King present an energetic reform agenda to build the sort of accountable central bank that other countries, like Canada, already possess and which can help ensure that the economy remains stable and prosperous for all and not just a few., The Federal Reserve, created a century ago, is the most powerful central bank in the world. It dictates interest rates and designs bailouts without the usual checks and balances that pervade US domestic policy making. Most commentators treat the Fed as an impartial referee exercising its independence to advance the best interests of America. Wrong. Lawrence Jacobs and Desmond King's Fed Power is the first sustained examination of the Fed as a potent institution in its own right and an engine for producing concealed advantages for a privileged few. They trace the Fed's historic development from the fiery tug-of-war over monetary policy during 19th century into a mutant 'big government' institution with unparalleled capacity and autonomy to intervene - often surreptitiously - in private markets. Jacobs and King dissect the Fed's programs during the Great Recession to reveal how it funneled enormous sums to a select few in the finance industry while leaving Main Street businesses adrift and millions of homeowners underwater. Far from serving the national interest, the Fed increased economic inequality in America and further enriched the one percent. America is heading into the next financial crisis without an effective central bank because of the public and congressional backlash against the Fed's favoritism. 'End the Fed' is a slogan and symptom of the Fed's illegitimacy; it is also a roadmap to mass unemployment and impoverishment. America, like other democratic capitalist countries, requires an effective central bank to step in as a last resort during financial maelstroms and to rudder the economy under normal circumstances. Jacobs and King present an energetic reform agenda to build an accountable central bank in America. Fed Power is key reading for anyone who wants to understand the Fed's contribution to inequality in the U.S. and the coming political crisis that will be provoked by the next financial implosion.