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How an unelected, unaccountable institution gained immense power during the pandemic It is a bedrock principle of the US Constitution that Congress, as representatives of the people, sets economic policy and directs government resources. This all changed thirteen years ago, and even more dramatically during the pandemic. The Federal Reserve operates independently from the rest of the government, and can create as much money as it sees fit and use it without the prior approval of Congress, the courts, or the President. When the Fed creates new money to address economic problems, it helps certain groups, like powerful business interests, and becomes a massive driver of inequality. In The Fed Unbound, Lev Menand tells the story of how the Fed became out of control during the 2008 financial crisis and the 2020 pandemic, and what can be done about it.
Please note: This is a companion version & not the original book. Sample Book Insights: #1 As schools and businesses shut down, the Fed went into overdrive. Alongside COVID-19, another disease was spreading, and its progress could not be halted using N-95s or social distancing. This disease moved faster than any virus, and threatened economic harm as great as the pandemic itself. #2 A panic is when a shock causes an initial round of selling, which in turn causes more selling. This downward spiral can lead the entire economy to collapse. Panics are usually the result of structural vulnerabilities in the financial system. #3 The American banking system was designed so that only chartered banks could issue money claims. But over the past several decades, shadow banks have begun to issue similar but legally distinguishable forms of money that consumers do not consider to be deposits. #4 The Fed stepped in to help the Wall Street firms, offering up to $1. 5 trillion in short-term loans. The Fed’s New York bank was their counterpart, and they were providing the money claims that the primary dealers used to finance their activities.
INSTANT NEW YORK TIMES BESTSELLER "Searing. Powerful. Needed." —Oprah “Sometimes a single story can change the world. Unbound is one of those stories. Tarana’s words are a testimony to liberation and love.” —Brené Brown From the founder and activist behind one of the largest movements of the twentieth and twenty-first centuries, the "me too" movement, Tarana Burke debuts a powerful memoir about her own journey to saying those two simple yet infinitely powerful words—me too—and how she brought empathy back to an entire generation in one of the largest cultural events in American history. Tarana didn’t always have the courage to say "me too." As a child, she reeled from her sexual assault, believing she was responsible. Unable to confess what she thought of as her own sins for fear of shattering her family, her soul split in two. One side was the bright, intellectually curious third generation Bronxite steeped in Black literature and power, and the other was the bad, shame ridden girl who thought of herself as a vile rule breaker, not as a victim. She tucked one away, hidden behind a wall of pain and anger, which seemed to work...until it didn’t. Tarana fought to reunite her fractured self, through organizing, pursuing justice, and finding community. In her debut memoir she shares her extensive work supporting and empowering Black and brown girls, and the devastating realization that to truly help these girls she needed to help that scared, ashamed child still in her soul. She needed to stop running and confront what had happened to her, for Heaven and Diamond and the countless other young Black women for whom she cared. They gave her the courage to embrace her power. A power which in turn she shared with the entire world. Through these young Black and brown women, Tarana found that we can only offer empathy to others if we first offer it to ourselves. Unbound is the story of an inimitable woman’s inner strength and perseverance, all in pursuit of bringing healing to her community and the world around her, but it is also a story of possibility, of empathy, of power, and of the leader we all have inside ourselves. In sharing her path toward healing and saying "me too," Tarana reaches out a hand to help us all on our own journeys.
"James B. Jacobs presents the first comprehensive account of the ways in which the Cosa Nostra infiltrated key sectors of New York City's legitimate economic life and how this involvement came over the years to be accepted as inevitable, in some cases even beneficial. The first half of Gotham Unbound is devoted to the ways organized crime became entrenched in six economic sectors and institutions of the city - the garment district, Fulton Fish Market, freight at JFK Airport, construction, the Jacob Javits Convention Center, and the waste-hauling industry.
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
An “intriguing plan” addressing shadow banking, regulation, and the continuing quest for financial stability (Financial Times). Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a “public” or “private” activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad. “Highly recommended.” —Choice
Nights of the Dispossessed brings together artistic works, political texts, and research projects from across the world in an endeavor to sense, chronicle, and think through recent riots and uprisings.
Portrait of the growth of tech company Amazon and the evolution of its billionaire founder, Jeff Bezos.
"Irresistible" - Literary Review Fig trees have affected humanity in profound but little-known ways: they are wish-fulfillers, rainforest royalty, more precious than gold. Ladders to Heaven tells their incredible story. They fed our pre-human ancestors, influenced diverse cultures and played a key role in the birth of civilisation. More recently, they helped restore life after Krakatoa's catastrophic eruption and proved instrumental in Kenya's struggle for independence. Figs now sustain more species of bird and mammal than any other fruit – in a time of falling trees and rising temperatures, they offer hope. Theirs is a story about humanity's relationship with nature, as relevant to our past as it is to our future.
This book offers a reassessment of the international monetary problems that led to the global economic crisis of the 1930s. The author shows how policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the 1930s.