{"product_id":"the-fiscal-fed-9780226851280","title":"The Fiscal Fed: How the US Central Bank Funds Government","description":"A revelatory history of how the Federal Reserve finances American power.   Central banks, we are told, are economic superpowers that must remain independent of modern democratic governments. The US Federal Reserve’s presumed insulation from politics affords it autonomy and credibility to control inflation and promote economic stability—or so the story goes.   In The Fiscal Fed, Will Bateman offers a deeply sourced, empirical history that shows the Fed’s primary function is actually, and has always been, fiscal—sustaining the market for Treasury borrowing that makes up the difference between federal spending and federal revenue. Bateman combs Fed meeting transcripts, staff notes, financial accounts, and legal documents to trace loans and public-debt purchases since the central bank’s founding. The result is a milestone work that reveals how, for most of the Fed’s history, its transactions were aimed at government financing—either by providing cheap credit to close budget gaps or by manipulating yields on government debt. The Fed’s support for government finance is a feature, not a bug, of American economic institutions.\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003ePublication date:\u003c\/strong\u003e 28 October 2026\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePage count:\u003c\/strong\u003e 272\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e Height 216 mm; Width 140 mm\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePublisher:\u003c\/strong\u003e The University of Chicago Press\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFormat:\u003c\/strong\u003e Paperback\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eISBN-13:\u003c\/strong\u003e 9780226851280\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"Will Bateman","offers":[{"title":"Paperback","offer_id":67646722146554,"sku":"9780226851280","price":18.88,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0522\/4297\/2845\/files\/fallback-book-cover_08853689-391b-4790-bd4a-484bdf12f93b.png?v=1791246218","url":"https:\/\/shulphink.com\/products\/the-fiscal-fed-9780226851280","provider":"Shulph Ink","version":"1.0","type":"link"}