Fed Power: How Finance Wins

The Federal Reserve has excessive power in American life, favoring the financial sector over everyone else. Lawrence R. Jacobs and Desmond King's book "Fed Power" offers a sustained synthesis of the Fed's political role, addressing new developments during Trump's presidency and offering bold proposals to reform America's financial management.

Format: Paperback / softback
Length: 304 pages
Publication date: 20 April 2021
Publisher: Oxford University Press Inc

The Federal Reserve, established over a century ago, stands as the most influential central bank globally. Its power, stemming from its ability to manipulate the money supply and adjust interest rates, exerts a substantial impact on both the US economy and the global economy. In Fed Power, Lawrence R. Jacobs and Desmond King present the first comprehensive analysis of the Fed's political role, particularly its tendency to favor certain interest groups over others. Since the 2008 financial crisis, this book has been the foremost synthesis of the Fed's political actions. In this revised and updated second edition, Fed Power addresses recent developments during Trump's presidency, particularly the Fed's massive and unprecedented liquidity injection into the US economy in response to the COVID-19 pandemic. It also offers insightful perspectives on the Fed's oversized role in determining winners and losers in the American economy. King and Jacobs conclude with bold proposals to reform America's financial management to prevent future crises and restore democratic accountability.

Fed Power is a crucial read for anyone interested in understanding the role that the Fed's policies have played in exacerbating economic and racial inequality during the Obama and Trump presidencies and the new directions pursued by the Biden administration and progressive activists. It sheds light on the Fed's unwarranted power and its favoritism of the financial sector over the broader public interest. By examining the Fed's actions and proposing reforms, Fed Power serves as a powerful critique of the current financial system and its detrimental effects on society.

Weight: 438g
Dimension: 156 x 235 x 22 (mm)
ISBN-13: 9780197573136
Edition number: 2 Revised edition