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Title: Secrets of the Temple: How the Federal Reserve Runs the Country by William Greider ISBN: 0-671-67556-7 Publisher: Simon & Schuster Pub. Date: 15 January, 1989 Format: Paperback Volumes: 1 List Price(USD): $19.00 |
Average Customer Rating: 4.41 (34 reviews)
Rating: 4
Summary: An important book - regardless of your politcial ideology
Comment: Mr. Greider's book is a serious and controversial attempt to unlock the mysteries of the Federal Reserve Board - an institution that remains an enigma to most Americans. After reading this book, you will see why Fed Chairman Alan Greenspan is described as the second most powerful man in America. Greider not only goes behind the scenes to explain Federal Reserve policy from 1979 to 1986, he challenges the reader in a debate about the direction of monetary policy and more importantly, the desirability of having a Federal Reserve Board in the first place. I applaud Mr. Greider for bringing up this question that trancends the current political debate. But I do not agree with his proposal to put the Fed's powers in Congressional hands. That would only bring us back to the 1970s where political pressure on the Fed produced an easy money policy and inflation. Reversing this trend led to the harsh recession of 1981-82, which Greider despairs over. Our best hope is to keep the Fed in the hands of sober, intelligent people who put the needs of citizens over the needs of politicians.
Rating: 5
Summary: The Federal Reserve Isn't What It Appears To Be
Comment: Although I read this book years ago I'm reviewing it today because I perceive it is very important that more of us understand money, our monetary system and the intersection between money and power. Recent financial meltdowns in Thailand, Russia and Argentina provide a roadmap of the risks we face and which could be coming home to roost.
William Greider's book is a good introduction to the system. It's well written, informative and easy, entertaining reading.
Early in the book he asks a question about why it is that during the period leading up to the end of the 19th Century "Money and Monetary Systems" were hot topics in American political life, but today they are really off the radar screen?
That's a good question. Do you know the answer? I'd bet the answer is you, like most Americans probably don't. This book will give you the understanding you owe it to yourself to get. After all, it's your money.
Rating: 5
Summary: Required reading, though...
Comment: Definitely one of the best books I've ever read. I concur with another reviewer who said that it explains central banking better than any college professor ever has.
My only criticism (similar to Dale Franks') is that Greider's main grumble, i.e. that the Fed is mainly out to protect Money's interests, is a bit shallow.
It's no doubt true that bankers and plutocrats lobby vigorously for higher interest rates, and that the Fed Chairman depends, at least to a degree, upon their support... But, realistically, how could the world be different? What system could possibly be better than the current compromise? I doubt Greider would seriously maintain that things would be better if the Congress ran the Fed, which would almost directly lead to an unstable currency. It's true that Volcker's medicine was harsh, but are we to imagine that bondholders could have been convinced to accept lower long-term interest rates by moral suasion or government promises?
It's sad that the little guys suffer the most from high interest rates, but don't blame the Fed. Don't blame anyone!
Still, though, with a book this great, Greider earned the right to make a political statement in the midst of what really is a set of difficult technical issues.
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Title: Who Will Tell The People? : The Betrayal Of American Democracy by William Greider ISBN: 0671867407 Publisher: Simon & Schuster Pub. Date: 01 June, 1993 List Price(USD): $15.00 |
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Title: The Case Against the Fed by Murray N. Rothbard ISBN: 094546617X Publisher: Ludwig Von Mises Inst Pub. Date: June, 1994 List Price(USD): $9.95 |
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Title: ONE WORLD READY OR NOT : THE MANIC LOGIC OF GLOBAL CAPITALISM by William Greider ISBN: 0684835541 Publisher: Simon & Schuster Pub. Date: 10 February, 1998 List Price(USD): $15.00 |
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Title: The Soul of Capitalism: Opening Paths to a Moral Economy by William Greider ISBN: 0684862190 Publisher: Simon & Schuster Pub. Date: 01 September, 2003 List Price(USD): $28.00 |
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Title: What Has Government Done to Our Money by Murray N. Rothbard, Murray N. Rothbard ISBN: 0945466102 Publisher: Laissez Faire Books Pub. Date: December, 1990 List Price(USD): $6.95 |
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