re posted from LAROUCHEPAC
Identifying The Fed’s Central Role in the Current Blowout is Not Sufficient
A review of “The Lords of Easy Money: How the Federal Reserve Broke the American Economy,” by Christopher Leonard, Simon & Schuster, 2022
This is a review which presents high praise and a serious warning side-by-side. The praise is sincere. On the one hand Christopher Leonard has performed a commendable public service in lifting the rock and exposing the inner workings and debates of the leadership of the Federal Reserve during the years 2001 to 2021. I know of no other work that has done this. Other books, such as David Stockman’s The Great Deformation: The Corruption of Capitalism in America (2013) and Nicholas Shaxson’s The Finance Curse (2019), are also noteworthy efforts, but The Lords of Easy Money is breathtaking in its portrayal of the absolutely criminal decision-making that has characterized the Fed’s higher-ups over the last 20 years. For doing this I say, “Bravo Mr. Leonard!”
But the warning is also mandatory. For all of the extraordinary reporting that makes up The Lords of Easy Money, I can’t help but come away with the troubling impression that this is the work of a slightly bewildered forensic pathologist, who correctly identifies every malady, infection, injury, and organ failure in his subject corpse, but cannot pinpoint the cause of death.
The key problem here is that Leonard grounds his analysis firmly within the confines of what he calls the “modern financial system.” He never considers the question that perhaps it is the “modern financial system” itself which is the fatal disease. We shall return to this paradox at the conclusion of this review, but we begin with what is praiseworthy and absolutely explosive about Leonard’s findings. If anyone you know is doubting why the unconstitutional Federal Reserve must be abolished and replaced by a Third National Bank dedicated to rebuilding and reindustrializing the United States, Leonard’s expose provides all the initial ammunition you need.
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