America’s Money Machine The story of the Federal Reserve 1st edition by Groseclose ISBN 0452295277 978-0452295272

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ISBN 10: 0452295277
ISBN 13: 978-0452295272
Author: Groseclose 

Elgin Groseclose, an eminent monetary economist in the 20th century, rips the roof off the Federal Reserve in this wonderful history, aptly titled America’s Money Machine. Taking us from the Fed’s founding to the 1960s, Groseclose shows that the gap between the promise and the reality is shockingly massive, so much so that the Federal Reserve must be considered one of the greatest failures in the history of public policy.

This treatise contains research unavailable anywhere else. Groseclose was meticulous, having spent many years mining the archives of every person and institution involved with Fed decision making. In case after case, he chronicles the policy failure and the relentless decline in money’s quality from the Fed’s inception forward.

Groseclose shows that at no time in its history has the Fed actually achieved what it promised: low inflation, economic stability, stable growth, reliable regulation of the banking system. In fact, the Fed has generated unrelenting cycles of inflation and has been the major fuel for the growth of government — politicizing the whole of American economic life.

The opening chapters unearth an editorial from the New York Times that denounces the idea of the Fed as an example of the “shallow sophistries of [Theodore] Roosevelt Socialism,” further declaring that the American people are too intelligent and have too much common sense to put up with a central bank like the Fed. So not only was there opposition to the Fed in the 20th century, but the opposition had a voice and its predictions of a coming calamity turned out to be right on.

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America’s Money Machine The story of the Federal Reserve 1st Table of contents:

Introduction: The Creation of the Federal Reserve

Chapter 1: The Origins of American Banking

Chapter 2: The Rise of the Federal Reserve System

Chapter 3: The Federal Reserve’s Role in the Economy

Chapter 4: The Great Depression and the Fed’s Response

Chapter 5: The Postwar Federal Reserve: Stability and Growth

Chapter 6: The Volcker Years: Battling Inflation

Chapter 7: The Fed’s Role in Modern Economic Policy

Chapter 8: The Federal Reserve and the Financial Crisis of 2008

Chapter 9: The Future of the Federal Reserve

Conclusion: The Enduring Power of the Fed

Notes

Index

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