The Lords of Easy Money: How the Federal Reserve Broke the American Economy

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The Lords of Easy Money: How the Federal Reserve Broke the American Economy

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Format : Paperback
ISBN : 9781668059647

The Lords of Easy Money: How the Federal Reserve Broke the American Economy :

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.

About the Author:

Christopher Leonard (born c. 1975) is an American investigative journalist. He has written three books, The Meat Racket: The Secret Takeover of America's Food Business, the New York Times best-selling Kochland: The Secret History of Koch Industries and Corporate Power in America, and The Lords of Easy Money: How the Federal Reserve Broke the American Economy. His work has appeared in The New York Times, The Wall Street Journal, Fortune, and Bloomberg Businessweek.Leonard is a native of Kansas City, Missouri and a graduate of the University of Missouri Journalism School.