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Description
The Lords of Easy Money: How the Federal Reserve Broke the American Economy
Book by Christopher Leonard
Synopsis
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.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 the Fed also has a unique power to reshape the American economy for the worse, which it did, fatefully, on November 4, 2010 through 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
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