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(as of Mar 28, 2025 11:27:51 UTC – Details)
The Wall Street Journal Best Book of the Year
NEW YORK TIMES BESTSELLER
The New York Times bestselling business journalist Christopher Leonard infiltrates one of America’s most mysterious institutions—the Federal Reserve—to show how its policies spearheaded by Chairman Jerome Powell over the past ten years have accelerated income inequality and put our country’s economic stability at risk.
If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us.
But the Fed also has a unique power to reshape the American economy for the worse, which it did, fatefully, on November 4, 2010 through a radical intervention called quantitative easing. In just a few short years, the Fed more than quadrupled the money supply with one goal: to encourage banks and other investors to extend more risky debt. Leaders at the Fed knew that they were undertaking a bold experiment that would produce few real jobs, with long-term risks that were hard to measure. But the Fed proceeded anyway…and then found itself trapped. Once it printed all that money, there was no way to withdraw it from circulation. The Fed tried several times, only to see market start to crash, at which point the Fed turned the money spigot back on. That’s what it did when COVID hit, printing 300 years’ worth of money in two short months.
Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, stock prices are trading far above what’s justified by actual corporate profits, corporate debt in America is at an all-time high, and this debt is being traded by big banks on Wall Street, leaving them vulnerable—just as they were during the mortgage boom. Middle-class wages have barely budged in a decade, and consumers are buried under credit card debt, car loan debt, and student debt.
The Lords of Easy Money tells the shocking, riveting tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This will be the first inside story of how we really got here—and why we face a frightening future.
Publisher : Simon & Schuster; First Edition (January 11, 2022)
Language : English
Hardcover : 384 pages
ISBN-10 : 1982166630
ISBN-13 : 978-1982166632
Item Weight : 1.8 pounds
Dimensions : 6 x 1.2 x 9 inches
Customers say
Customers find the book provides an excellent and well-researched explanation of the Federal Reserve. They describe it as an interesting, must-read that explains the inner workings of the Fed. The writing is described as clear and comprehensible. Readers appreciate the compelling narrative and background material on economic issues. However, some feel the author expresses his political biases as though they were facts, leading to an unbalanced and biased view.
AI-generated from the text of customer reviews
Henry Cotton –
Outstanding
Fantastic book. Leonard explains complex subject matter very clearly, while maintaining a gripping and highly engaging narrative throughout. Scary implications!
J.DELANCEY –
UNIVERSALLY RELEVANT
This is a fine book. I’d order nine copies to be sent to each member of the Bank of Japan’s Policy Board
if I thought it would do any good, but I won’t, because it wouldn’t. The Bank’s Governor, Kazuo Ueda
was 17 years old when the movie, “Night of the Living Dead, ” was released. He was, undoubtedly,
so taken by it, that the Zombie settings of the Bank’s meetings emulate it. After the obligatory bowing,
the members stare at one another for two days, after which they do nothing,except stagger back to
their desks, until it’s time for the next meeting. The interest rate in Japan remains at minus 0.10%,
which, to put it bluntly, is somewhat different than everyplace else. Then again, years ago, the Japanese
government said that they could not import American beef, because Japanese intestines were different.
Arithmetic in Japan is also different. 1+1 do not equal 2. Mr. Leonard could not write a book about, “Nichigin,”because the pages would be blank.
TSO –
A Compelling Narrative of Recent Fed History
This is a fascinating, eye-opening view inside the Federal Reserve. The writing is engaging and makes for a readable tale which every American should read. I learned much about the unintended impact of wealth redistribution due to Fed policy which is THE untold story of the past decade.
The reason for four stars is the occasional howler which reveals the authorâs bias and life inside a bubble. Trumpâs appeal was many things, primarily on illegal immigration and trade with China, but it was not as Leonard has it: âOne of Trumpâs primary appeals was that he would work diligently to dismantle whatever was left of Americaâs fiscal policy institutions.â Right.
He also claims âthe federal government failed entirely to implement any kind of unified response to the [covid] virusâ – that is a feature (not a bug) of our system of federalism. States have powers too and given the unintended malicious affects of lockdowns we can be grateful that there was nothing imposed from on high. In the following paragraph he then undermines this statement by highlighting how huge and unprecedented the CARES Act was (a federal program).
But these are nitpicks. In this era an author writing a book this long on any subject should be commended for keeping his prejudices under leash as well as he did. You can say this book is the work of a true journalist, which is a very rare thing these days.
CE –
As good as The Big Short
Brilliant book that reveals the consequences of short-term thinking and reckless money printing that has characterized the Fed over the past 20 years, exactly the opposite approach from what you would hope for from an independent Fed. Extremely eye opening on how QE has been abused for far too long and created a doom spiral where the Fed is constantly mopping up new messes of its own making. The book is structured essentially as twin biographies of two key figures: Tom Hoenig, the former chair of the KC Fed, and Jay Powell, the current Fed Chair. It shows Hoenig to be a lone voice of monetary responsibility during the era the book covers in depth (2008 to 2022) . Extremely well written and accessible to non-experts with an interest in the Fed.
Luke Ormiston –
This topic should be included in school curriculums.
Does a great job of explaining how money works in America.
MMM –
REQUIRED READING FOR ANY ECONOMIST, POLITICIAN OR INVESTOR
The 2008 crisis happened as a result of President Clinton’s amendments in the 90’s to President Carter 1977 Community Reinvestment Act where banks were required to make a specific number of low-income housing loans which would be backed by Freddie MAC and Fannie MAE. The fallout of the 2008 crisis such as Quantitative Easing, Zero Interest Rate Policy, Asset Bubbles, and Bailouts, and the chain reactions from the unintended consequences of short-term thinking is brilliantly described in this book. The research and the behind-the-scenes information on the Federal Reserve’s day-to-day operation are eye-opening. Every elected congressional office person should be required to read this book before assuming duties in Washington. Never again will I believe the Federal Reserve is the right way to handle the money supply. All Bernanke did was experiment and shoot from the hip… and Powell panics and thinks he can make short-term fixes in an economy that needs to be steered like an aircraft carrier when he is not going where no one has gone before….just like Bernanke. This country needs better.
historicus –
The biggest heist in history
“When central planners decide, the intentionally help one group at the expense of another.” F A Hayek
Well, the Federal Reserve, that unelected body that reports to no one, decided to harm the prudent, as they fluffed that assets of those who perpetrated the 2008 debacle.
For 7 decades, Fed Funds equaled or exceeded inflation. But not this time. The Fed turned from honoring their stable prices mandate to promoting inflation. Jack up the money supply as never ever seen before, and peg interest rates at zero.
What sticks out in this book is the difference in VALUES between a midwestern Fed President, Hoenig, who worked his way up acquiring a certain set of values, and the silver spoon (Powell), country club, prep schooled and fast tracked Ivy League, venture capital, then on to “government service” set of values……WHAT A CONTRAST!
It is the later who decided to harm the workers/earners/ and savers of this nation to fluff the assets of those he has rubbed elbows with his entire life. Having never touched a shovel or been to a lumber yard, Powell turned his back on the workers and savers, the people who turn the lights on and fill the shelves in this country. The greatest shift of wealth, the greatest TAKING of wealth in history…..by holding interest rates down and inflating the stock market, real estate, and ruining the purchasing power of the dollar.
Inflation is a Race to the Bottom….and there is only one entity, one set of people to blame…the Federal Reserve.
Leon –
This book is an amazing description of how the Fed and Treasury have instituted a welfare program for the wealthiest and I would say brought on the demise of our society. It is a great explanation for the pickle we find ourselves in now.
Tofoleanu Petru Florin –
LEARN ABOUT FED AND WHO CONTROL THE MONEY IN AMERICA
Malhar Manek –
The book is very well-written and simple to understand for anyone with a basic understanding of macroeconomics. A very useful guide for anyone wanting to understand the current times of the US economy wrt QE
Bassem Chekir –
Amazing book, very instructive and it does answer a lots of questions regarding the Fed as a organization and the the American financial system
Henryk –
Super ksiÄ Å¼ka.
Polecam zakup.