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Do the Fed’s efforts to stabilize the economy worsen inequality?

The Federal Reserve, the U.S. central bank, was built for a monetary system composed primarily of investor-owned, government-chartered banks. But over the years, the erosion of banking law and the rise of alternative forms of money created outside of the banking system have pushed the Fed to take on more and more responsibilities to keep the economy out of recession, as it did during the 2008 crisis, and again during the first months of the COVID-19 pandemic, when it created $3 trillion to stop another financial panic.

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Book ID Asin: B09JM16WR9
Book Title: The Fed Unbound: Central Banking in a Time of Crisis
Book Author: Lev Menand
Book Format and Price:
Book Format Name: Kindle
Book Format Price: $9.99
Book Format Name: Audiobook
Book Format Price: $0.00
Book Format Name: Paperback
Book Format Price: $14.49
Book Price: $12.15
Book Category: Books, Politics & Social Sciences, Politics & Government and unknown
Book Rating: 38 ratings

The Fed Unbound: Central Banking in a Time of Crisis by Lev Menand Book Review

Name: Robert Ray
Rating: 3.0 out of 5 stars
Title: Good analysis of problem, very poor on understanding our economy
Date: Reviewed in the United States on August 15, 2022
Review: Up until bank deposit insurance in the 1930's banks were subject to runs; when depositers became afraid they wouldn't get their money back they swarmed a bank to save their savings. Unfortunately now however it is possible to have runs many on many financial groups where there is no deposit insurance and frightened people (and institutions) can all suddenly decide to try to get their money back, causing great damage to the economy. But few financial institutions can withstand a run. The author goes through the Fed's actions during the pandemic to save money market funds, the commercial paper market, foreign banks holding dollar deposits,.... and does a good job here.
Unfortunately Menand is an example of the academic 'experts' recruited into the government to manage the economy and the rest of the country (the Biden Administration reportedly has no one with any experience in the private economy). Menand has evidently never heard of Austrian economics, nor of malinvestments. The idea that some companies in free economy deserve to fai is evidently unacceptable to him. Menand's understanding of the U.S. economy is really limited. For example he touts the virtues of 'diffusion,' a banking system which gives banks very limited opportunities for branches; he seems to be entirely unaware that Canada historically has had no major bank panics precisely because it had national banks from the beginning. So while a harvest failure in Kansas might kill local banks a harvest failure in Manitoba would not, because local branches there were part of a national network. He says the major purpose of the Fed is to expand the money supply, evidently with the idea that its expansion will be well matched to need. That historically governments with control over money have always resorted to inflation to pay bills is evidently unknown to him. The U.S. dollar in 1913, when the Fed was established, was basically worth the same as a U.S. dollar in 1800; since 1913 the dollar value's has dropped over 95 % (9 % just in the last year). While he advocates programs to help the poor he fails to recognize that the poor are the ones most hurt by inflation.
He is an advocate of government regulation (run no doubt by fellow academics). But the 2008 financial crisis was largely a result of government policies, the Fed's money printing which ran up house and other prices, and the government's mandate to expand lending to the poor via subprime loans. Worse, people who recognized the developing problems were deliberately ignored by the Fed and other regulators. When a Fed governor tried to explain the problems with Bernanke's foolish quantitative easing he was ignored (read Leonard's book 'The Lords of Easy Money'). Bernanke's QE has left total U.S. debt (government and private) at 489 % of GNP; a 5 % interest rate (still much less than the rate of inflation) would mean annual interest payments would be over 20 % of GNP. So the Fed cannot raise interest rates to stop inflation because it would render thousands of borrowers (and the U.S. government) bankrupt. 'Transitory' inflation is going to be permanent. And the Fed continued its incompetence and QE by printing money long after it was obvious (to everyone else) that inflation was taking off.

Name: Amazon Customer
Rating: 5.0 out of 5 stars
Title: My head hurts! Wow! Wow!!!
Date: Reviewed in the United States on January 13, 2023
Review: I don't finish many books, but I start a lot. I took this on summer vacation along with a couple of other books. I couldn't put it down. My head still is spinning from the material and the suggested challenges defined by this book.

As and economist and PhD, I didn't find the book highly accessible or easy to understand. In fact, I am left with more questions than answers. None the less, a must read and a must discussion we need to have around monetary policy.

Bravo for writing such a mind challenging book!

Name: Frank
Rating: 5.0 out of 5 stars
Title: Insightful read
Date: Reviewed in the United States on February 3, 2023
Review: I found this book after reading about it on Crooked Timber and concur with the general view offered there: "It is written with careful precision and without rhetorical excess. Even if the historical material is somewhat familiar, Menand makes the material lively and calls attention to the significance of often overlooked rule changes."

Name: james k
Rating: 5.0 out of 5 stars
Title: Well worth the read
Date: Reviewed in the United States on August 24, 2022
Review: Great book. Clear and concise. Digestible for the layman.

Name: Matthew Haddad
Rating: 5.0 out of 5 stars
Title: Excellent
Date: Reviewed in the United States on July 15, 2022
Review: Fantastic explanation of how the global financial system works post 2008

Name: Kindle Customer
Rating: 5.0 out of 5 stars
Title: GREAT BOOK
Date: Reviewed in the United States on June 10, 2022
Review: i became smarter and more interesting at dinner parties just by sleeping with it on my pillow. A+