The Lords of Easy Money

How the Federal Reserve Broke the American Economy

De: Christopher Leonard

Narrado por: Jacques Roy

The New York Times bestseller from 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 here, for the first time, is the inside story of how the Fed has reshaped the American economy for the worse. It all started on November 3, 2010, when the Fed began 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 the 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 a few short months.

Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, inflation is raging, and the stock market is driven by boom, busts, and bailouts. Middle-class Americans seem stuck in a stage of permanent stagnation, with wage gains wiped out by high prices even as they remain buried under credit card debt, car loan debt, and student debt. Meanwhile, the “too big to fail” banks remain bigger and more powerful than ever while the richest Americans enjoy the gains of a hyper-charged financial system.

The Lords of Easy Money “skillfully” (The Wall Street Journal) tells the “fascinating” (The New York Times) tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This is the first inside story of how we really got here—and why our economy rests on such unstable ground.

©2022 Christopher Leonard. All rights reserved. (P)2022 Simon & Schuster, Inc. All rights reserved.

Excellent Book!

Everyone should read or listen to this book
Fantastic and thoughtful explanation of how the Fed works and why our financial system is horribly skewed to help the wealthy while crushing everyone else

Solid content explaining how the FED manipulates $

Solid content! One of the most up to date and in depth explanations of the plumbing of the FED from an inside perspective. I kept being reminded of why our founding father’s wrote in the constitution that only Gold and Silver are legal tender. No one human being locked in a small room with a computer (FED buyer) should be allowed to create billions of fiat currency with the click of a computer mouse, especially the world’s reserve currency.

Makes understanding our economy clear

The author makes seemingly difficult concepts and Fed speak easy to comprehend for the average listener. Very impressed by how he ties together history and recent history to current events. Anybody looking to understand the current state of the American economy should definitely pick up this book!

Great book!

I thought the information priceless and the story well told, but the anti-Trump sentiment was an unnecessary disappointment.

Fantastic!

As Moe said to Curley; “I’ll explain it so even you understand it” 🤣
Leonard does a tremendous job of piecing together recent FED 0% interest rate policies and quantitative easing as it relates to our economy. He does this in a non-polemical way, just by putting the pieces together and tracing the trend lines that result from these policies. Fascinating and informative, essential information.
Very nicely read by Mr Roy

Robinhood is really a tool for the Big Institutions to follow order flow

Very Informative..Intriguing and proficiently detailed on the Federal reserve operates on a long term scale

Good explanation of Federal Reserve, with a political Lena

Good book with good information. There tends to be a political lean in the book that I will let the reader determine for themself. Overall a great read for anyone wanting to get a better understanding of how money and the fed really works.

Important Subtext.

The Fed: why is unemployment rising while the economy is booming?
The public: companies are exporting jobs to Mexico and China!
The Fed: why is there deflation when the markets are flooded with cash?
The public: jobs are moving to Mexico and China and wages are going down, housing prices are increasing and income disparity is going through the roof!
The Fed: you people are not economist and you have no idea what's going on!

The reasons for this are painfully obvious to anyone paying attention outside of the Fed. It's also the myth of the Ayn Rand libertarian, as soon as it's their ass on the line socialism for the rich.

Unfortunately the author doesn't mention this directly, but it is the subtext.

Clarity Cleaves Mysticism

Leonard lays out clearly the pre-Copernican understanding the U.S. Federal Reserve has of the monetary heavens as they think themselves the center of the universe. Leonard familiarizes us with the human struggles of both patient and papal practitioners who know if they push on that artery, the patient's eyes dullen, all the while not fathoming what consciousness actually is. Leonard makes the complex easily grasped. He helps lets us ride with him in the Fed's ATV while its drivers yell "Here, watch this, hold my Brunello!"

Relevant to all Americans

Very interesting and extremely frightening. Every American should know how the Fed works, but almost no one does. This book does a great job of telling the story of how we've gotten to where we are financially in 2022. We're in for some serious trouble in 2023...