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Imagining The Fed
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Book Synopsis Imagining the Fed by : Nicolas Thompson
Download or read book Imagining the Fed written by Nicolas Thompson and published by State University of New York Press. This book was released on 2021-04-01 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: Imagining the Fed traces a six-decade struggle to shape the Federal Reserve's policymaking organs, the Washington-based Board and the Federal Open Market Committee. Conventional wisdom holds that Congress ended the system's struggle in 1935 by granting the Board a voting majority on the open market committee, establishing its Fed primacy. Yet, this book shows that the Fed's struggle continued flaring to yield consequential changes until 1970, when the modern Fed emerged. Nicolas Thompson explores how the Fed's evolution from a weak and fragmented sprawl into the world's most powerful central bank paralleled broader changes in the American polity. The rise and fall of hegemonic political parties remade the Board and elevated its Fed position, while the wars of the twentieth century concentrated Fed power in New York. When peace returned, however, system agents inherited a central bank that veered from the law, inviting renewed struggle. This process continued into the 1960s, when an ascendant Democratic Party loaded the Board with economists, who remade it in their image. Later partisan choices to launch unfunded wars at home and abroad unleashed inflationary forces which severed the dollar's link to gold. Freed from its golden fetters, monetary policy emerged as a domestic policy realm and Fed power durably concentrated in a new Board technocracy.
Download or read book End the Fed written by Ron Paul and published by Grand Central Publishing. This book was released on 2009-09-16 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of 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 Paul draws on American history, economics, and fascinating stories from his own long political life to argue that the Fed is both corrupt and unconstitutional. It is inflating currency today at nearly a Weimar or Zimbabwe level, a practice that threatens to put us into an inflationary depression where $100 bills are worthless. What most people don't realize is that the Fed -- created by the Morgans and Rockefellers at a private club off the coast of Georgia -- is actually working against their own personal interests. Congressman Paul's urgent appeal to all citizens and officials tells us where we went wrong and what we need to do fix America's economic policy for future generations.
Book Synopsis Secrets of the Temple by : William Greider
Download or read book Secrets of the Temple written by William Greider and published by Simon and Schuster. This book was released on 1989-01-15 with total page 804 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reveals how the Federal Reserve under Paul Volcker engineered changes in America's economy.
Book Synopsis The Power and Independence of the Federal Reserve by : Peter Conti-Brown
Download or read book The Power and Independence of the Federal Reserve written by Peter Conti-Brown and published by Princeton University Press. This book was released on 2017-10-10 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at the history, leadership, and structure of the Federal Reserve Bank 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 Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers. Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does—and does not—define the Fed's power, Conti-Brown captures and clarifies the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals—within and outside of government—shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed—including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation—requires a reevaluation of the very way the nation's central bank is structured. Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a uniquely clear and timely picture of one of the most important institutions in the United States and the world.
Book Synopsis America's Bank by : Roger Lowenstein
Download or read book America's Bank written by Roger Lowenstein and published by Penguin. This book was released on 2015-10-20 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 and divisive that it seems a small miracle that it was ever established. For nearly a century, America, alone among developed nations, refused to consider any central or organizing agency in its financial system. Americans’ mistrust of big government and of big banks—a legacy of the country’s Jeffersonian, small-government traditions—was so widespread that modernizing reform was deemed impossible. Each bank was left to stand on its own, with no central reserve or lender of last resort. The real-world consequences of this chaotic and provincial system were frequent financial panics, bank runs, money shortages, and depressions. By the first decade of the twentieth century, it had become plain that the outmoded banking system was ill equipped to finance America’s burgeoning industry. But political will for reform was lacking. It took an economic meltdown, a high-level tour of Europe, and—improbably—a conspiratorial effort by vilified captains of Wall Street to overcome popular resistance. Finally, in 1913, Congress conceived a federalist and quintessentially American solution to the conflict that had divided bankers, farmers, populists, and ordinary Americans, and enacted the landmark Federal Reserve Act. Roger Lowenstein—acclaimed financial journalist and bestselling author of When Genius Failed and The End of Wall Street—tells the drama-laden story of how America created the Federal Reserve, thereby taking its first steps onto the world stage as a global financial power. America’s Bank showcases Lowenstein at his very finest: illuminating complex financial and political issues with striking clarity, infusing the debates of our past with all the gripping immediacy of today, and painting unforgettable portraits of Gilded Age bankers, presidents, and politicians. Lowenstein focuses on the four men at the heart of the struggle to create the Federal Reserve. These were Paul Warburg, a refined, German-born financier, recently relocated to New York, who was horrified by the primitive condition of America’s finances; Rhode Island’s Nelson W. Aldrich, the reigning power broker in the U.S. Senate and an archetypal Gilded Age legislator; Carter Glass, the ambitious, if then little-known, Virginia congressman who chaired the House Banking Committee at a crucial moment of political transition; and President Woodrow Wilson, the academician-turned-progressive-politician who forced Glass to reconcile his deep-seated differences with bankers and accept the principle (anathema to southern Democrats) of federal control. Weaving together a raucous era in American politics with a storied financial crisis and intrigue at the highest levels of Washington and Wall Street, Lowenstein brings the beginnings of one of the country’s most crucial institutions to vivid and unforgettable life. Readers of this gripping historical narrative will wonder whether they’re reading about one hundred years ago or the still-seething conflicts that mark our discussions of banking and politics today.
Download or read book Imagining Mars written by Robert Crossley and published by Wesleyan University Press. This book was released on 2011-01-03 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mars in the human imagination from the invention of the telescope to the present For centuries, the planet Mars has captivated astronomers and inspired writers of all genres. Whether imagined as the symbol of the bloody god of war, the cradle of an alien species, or a possible new home for human civilization, our closest planetary neighbor has played a central role in how we think about ourselves in the universe. From Galileo to Kim Stanley Robinson, Robert Crossley traces the history of our fascination with the red planet as it has evolved in literature both fictional and scientific. Crossley focuses specifically on the interplay between scientific discovery and literary invention, exploring how writers throughout the ages have tried to assimilate or resist new planetary knowledge. Covering texts from the 1600s to the present, from the obscure to the classic, Crossley shows how writing about Mars has reflected the desires and social controversies of each era. This astute and elegant study is perfect for science fiction fans and readers of popular science.
Download or read book Fed Up! written by Rick Perry and published by Hachette+ORM. This book was released on 2010-11-15 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now, do not misunderstand me, America is great. But we are fed up with being over-taxed and over-regulated. We are tired of being told how much salt to put on our food, what kind of cars we can drive, what kinds of guns we can own, what kind of prayers we are allowed to say and where we can say them, what we are allowed to do to elect political candidates, what kind of energy we can use, what doctor we can see. What kind of nation are we becoming? I fear it's the very kind the Colonists fought against. But perhaps most of all, we are fed up because deep down we know how great America has always been, how many great things the people do in spite of their government, and how great the nation can be in the future if government will just get out of the way. Our fight is clear. We must step up and retake the reins of our government from a Washington establishment that has abused our trust. We must empower states to fight for our beliefs, elect only leaders who are on our team, set out to remind our fellow Americans why liberty is guaranteed in the Constitution, and take concrete steps to take back our country. The American people have never sat idle when liberty's trumpet sounds the call to battle -- and today that battle is for the soul of America.
Book Synopsis Imagining the Elephant by : Christopher L. Vaughan
Download or read book Imagining the Elephant written by Christopher L. Vaughan and published by World Scientific. This book was released on 2008 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Biography of Allan MacLeod Cormack, a physicist who was awarded the Nobel Prize for Medicine in 1979 for his pioneering contributions to the development of the computer-assisted tomography (CAT) scanner, an honour he shared with Godfrey Hounsfield.
Download or read book In FED We Trust written by David Wessel and published by Crown Currency. This book was released on 2010-08-03 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Whatever it takes” That was Federal Reserve Chairman Ben Bernanke’s vow as the worst financial panic in more than fifty years gripped the world and he struggled to avoid the once unthinkable: a repeat of the Great Depression. Brilliant but temperamentally cautious, Bernanke researched and wrote about the causes of the Depression during his career as an academic. Then when thrust into a role as one of the most important people in the world, he was compelled to boldness by circumstances he never anticipated. The president of the United States can respond instantly to a missile attack with America’s military might, but he cannot respond to a financial crisis with real money unless Congress acts. The Fed chairman can. Bernanke did. Under his leadership the Fed spearheaded the biggest government intervention in more than half a century and effectively became the fourth branch of government, with no direct accountability to the nation’s voters. Believing that the economic catastrophe of the 1930s was largely the fault of a sluggish and wrongheaded Federal Reserve, Bernanke was determined not to repeat that epic mistake. In this penetrating look inside the most powerful economic institution in the world, David Wessel illuminates its opaque and undemocratic inner workings, while revealing how the Bernanke Fed led the desperate effort to prevent the world’s financial engine from grinding to a halt. In piecing together the fullest, most authoritative, and alarming picture yet of this decisive moment in our nation’s history, In Fed We Trust answers the most critical questions. Among them: • What did Bernanke and his team at the Fed know–and what took them by surprise? Which of their actions stretched–or even ripped through–the Fed’s legal authority? Which chilling numbers and indicators made them feel they had no choice? • What were they thinking at pivotal moments during the race to sell Bear Stearns, the unsuccessful quest to save Lehman Brothers, and the virtual nationalization of AIG, Fannie Mae, and Freddie Mac? What were they saying to one another when, as Bernanke put it to Wessel: “We came very close to Depression 2.0”? • How well did Bernanke, former treasury secretary Hank Paulson, and then New York Fed president Tim Geithner perform under intense pressure? • How did the crisis prompt a reappraisal of the once-impregnable reputation of Alan Greenspan? In Fed We Trust is a breathtaking and singularly perceptive look at a historic episode in American and global economic history.
Book Synopsis A Century of Monetary Policy at the Fed by : David E. Lindsey
Download or read book A Century of Monetary Policy at the Fed written by David E. Lindsey and published by Springer. This book was released on 2016-04-20 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this narrative history, David E. Lindsey gives the reader a ringside seat to a century of policies at the US Federal Reserve. Alternating between broad historical strokes and deep dives into the significance of monetary issues and developments, Lindsey offers a fascinating look into monetary policymaking from the Fed's inception in 1913 to today. Lindsey's three decades of service on the Federal Reserve Board staff allow him to combine the heft of scholarship with an insider's perspective on how the recent chairmen's and current chairwoman's personalities and singular visions have shaped policy choices with far-reaching consequences. He critiques the performances of Chairman Ben Bernanke and Vice Chair Janet Yellen during the prelude, outbreak, and aftermath of the financial crisis of 2008, situating them in the context of the Fed's century-long history. He also quantitatively explores an alternative to the conventional New-Keynesian theory of inflation, replacing so-called "rational expectations" with the Fed's inflation objective. This unique volume is a piece of living history that has much to offer economists and monetary policy and finance professionals.
Book Synopsis Media Representation and the Global Imagination by : Shani Orgad
Download or read book Media Representation and the Global Imagination written by Shani Orgad and published by John Wiley & Sons. This book was released on 2014-03-03 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a clear, systematic, original and lively account of how media representations shape the way we see our and others’ lives in a global age. It provides in-depth analysis of a range of international media representations of disaster, war, conflict, migration and celebration. The book explores how images, stories and voices, on television, the Internet, and in advertisements and newspapers, invite us to relocate to distant contexts, and to relate to people who are remote from our daily lives, by developing ‘mediated intimacy’ and focusing on the self. It also explores how these representations shape our self-narratives. Orgad examines five sites of media representation – the other, the nation, possible lives, the world and the self. She argues that representations can and should contribute to fostering more ambivalence and complexity in how we think and feel about the world, our place in it and our relation to far-away others. Media Representations and the Global Imagination will be of particular interest to students and scholars of media and cultural studies, as well as sociology, politics, international relations, development studies and migration studies.
Book Synopsis Engine of Inequality by : Karen Petrou
Download or read book Engine of Inequality written by Karen Petrou and published by John Wiley & Sons. This book was released on 2021-03-03 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Karen Petrou is a leading financial-policy analyst and consultant with unrivaled knowledge of what drives the decisions of federal officials and how big banks respond to financial policy in the real world. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book: Presents practical ways America can and should tackle economic inequality with fast-acting results Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever Reveals the dangers of FinTech and BigTech companies taking over banking Shows how Facebook wants to control even the dollars in your wallet Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists Engine of Inequality: The Fed and the Future of Wealth in America should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation’s financial policy will be a force for promoting economic equality.
Book Synopsis Origins of the Federal Reserve System by : James Livingston
Download or read book Origins of the Federal Reserve System written by James Livingston and published by Cornell University Press. This book was released on 1989-11 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Origins of the Federal Reserve System, James Livingston approaches this controversial topic from a fresh perspective, asking how, during this era, a "new order of corporation men" made itself the preeminent source of knowledge on all significant economic issues and thereby changed the character of public and political discourse in the United States.
Download or read book Crisis written by Sylvia Walby and published by John Wiley & Sons. This book was released on 2015-10-30 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are living in a time of crisis which has cascaded through society. Financial crisis has led to an economic crisis of recession and unemployment; an ensuing fiscal crisis over government deficits and austerity has led to a political crisis which threatens to become a democratic crisis. Borne unevenly, the effects of the crisis are exacerbating class and gender inequalities. Rival interpretations – a focus on ‘austerity’ and reduction in welfare spending versus a focus on ‘financial crisis’ and democratic regulation of finance – are used to justify radically diverse policies for the distribution of resources and strategies for economic growth, and contested gender relations lie at the heart of these debates. The future consequences of the crisis depend upon whether there is a deepening of democratic institutions, including in the European Union. Sylvia Walby offers an alternative framework within which to theorize crisis, drawing on complexity science and situating this within the wider field of study of risk, disaster and catastrophe. In doing so, she offers a critique and revision of the social science needed to understand the crisis.
Download or read book Circle of Goods written by Tressa Berman and published by State University of New York Press. This book was released on 2012-02-01 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: Circle of Goods compiles the stories of Native American women and examines their kinship, wage work, and informal economies. Responding to the upheavals of reservation life brought about by federal policies—from commodity rations to welfare reform—Mandan, Hidatsa and Arikara women, each with distinct histories and cultural practices, stand at the center of the Fort Berthold reservation economy. Berman introduces the concept of ceremonial relations of production to explain the contradictory effects of economic incentives and cultural commitments, and argues that the historical movement of people and goods through a series of structured dependencies often gives rise to creative strategies for survival and new social identities.
Download or read book Gridlock written by Thomas Hale and published by John Wiley & Sons. This book was released on 2013-07-11 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issues that increasingly dominate the 21st century cannot be solved by any single country acting alone, no matter how powerful. To manage the global economy, prevent runaway environmental destruction, reign in nuclear proliferation, or confront other global challenges, we must cooperate. But at the same time, our tools for global policymaking - chiefly state-to-state negotiations over treaties and international institutions - have broken down. The result is gridlock, which manifests across areas via a number of common mechanisms. The rise of new powers representing a more diverse array of interests makes agreement more difficult. The problems themselves have also grown harder as global policy issues penetrate ever more deeply into core domestic concerns. Existing institutions, created for a different world, also lock-in pathological decision-making procedures and render the field ever more complex. All of these processes - in part a function of previous, successful efforts at cooperation - have led global cooperation to fail us even as we need it most. Ranging over the main areas of global concern, from security to the global economy and the environment, this book examines these mechanisms of gridlock and pathways beyond them. It is written in a highly accessible way, making it relevant not only to students of politics and international relations but also to a wider general readership.
Book Synopsis The Age of Phillis by : Honorée Fanonne Jeffers
Download or read book The Age of Phillis written by Honorée Fanonne Jeffers and published by Wesleyan University Press. This book was released on 2020-02-20 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: “An arresting and meticulously researched collection of poems” about the life of Phillis Wheatley, the first black woman to publish a book in America (Ms. Magazine). In 1773, a young African American woman named Phillis Wheatley published a book of poetry, Poems on various Subjects, Religious and Moral (1773). When Wheatley’s book appeared, her words would challenge Western prejudices about African and female intellectual capabilities. Her words would astound many and irritate others, but one thing was clear: This young woman was extraordinary. Based on fifteen years of archival research, The Age of Phillis, by award-winning writer Honorée Fanonne Jeffers, imagines the life and times of Wheatley: her childhood with her parents in the Gambia, West Africa, her life with her white American owners, her friendship with Obour Tanner, her marriage to the enigmatic John Peters, and her untimely death at the age of about thirty-three. Woven throughout are poems about Wheatley's “age”—the era that encompassed political, philosophical, and religious upheaval, as well as the transatlantic slave trade. For the first time in verse, Wheatley’s relationship to black people and their individual “mercies” is foregrounded, and here we see her as not simply a racial or literary symbol, but a human being who lived and loved while making her indelible mark on history.
