Fed Up

Author: Danielle DiMartino Booth
Publisher: Penguin
ISBN: 0735211663
Size: 75.49 MB
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A Federal Reserve insider pulls back the curtain on the secretive institution that controls America’s economy After correctly predicting the housing crash of 2008 and quitting her high-ranking Wall Street job, Danielle DiMartino Booth was surprised to find herself recruited as an analyst at the Federal Reserve Bank of Dallas, one of the regional centers of our complicated and widely misunderstood Federal Reserve System. She was shocked to discover just how much tunnel vision, arrogance, liberal dogma, and abuse of power drove the core policies of the Fed. DiMartino Booth found a cabal of unelected academics who made decisions without the slightest understanding of the real world, just a slavish devo­tion to their theoretical models. Over the next nine years, she and her boss, Richard Fisher, tried to speak up about the dangers of Fed policies such as quanti­tative easing and deeply depressed interest rates. But as she puts it, “In a world rendered unsafe by banks that were too big to fail, we came to understand that the Fed was simply too big to fight.” Now DiMartino Booth explains what really happened to our economy after the fateful date of December 8, 2008, when the Federal Open Market Committee approved a grand and unprecedented ex­periment: lowering interest rates to zero and flooding America with easy money. As she feared, millions of individuals, small businesses, and major corporations made rational choices that didn’t line up with the Fed’s “wealth effect” models. The result: eight years and counting of a sluggish “recovery” that barely feels like a recovery at all. While easy money has kept Wall Street and the wealthy afloat and thriving, Main Street isn’t doing so well. Nearly half of men eighteen to thirty-four live with their parents, the highest level since the end of the Great Depression. Incomes are barely increasing for anyone not in the top ten percent of earners. And for those approaching or already in retirement, extremely low interest rates have caused their savings to stagnate. Millions have been left vulnerable and afraid. Perhaps worst of all, when the next financial crisis arrives, the Fed will have no tools left for managing the panic that ensues. And then what? DiMartino Booth pulls no punches in this exposé of the officials who run the Fed and the toxic culture they created. She blends her firsthand experiences with what she’s learned from dozens of high-powered market players, reams of financial data, and Fed docu­ments such as transcripts of FOMC meetings. Whether you’ve been suspicious of the Fed for decades or barely know anything about it, as DiMartino Booth writes, “Every American must understand this extraordinarily powerful institution and how it affects his or her everyday life, and fight back.”

Fed Up

Author: Danielle DiMartino Booth
Publisher: Penguin
ISBN: 0735211655
Size: 42.43 MB
Format: PDF, ePub, Mobi
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In the early 2000s, a Wall Street escapee writing a financial column for the Dallas Morning News, Booth attracted attention for her criticism of the Fed's low interest rate policies and her warnings about the housing market. Nobody was more surprised when the head of the Dallas Federal Reserve offered her a job as a financial analyst. Figuring she could have more of an impact on Fed policies from inside, she also observed how the Fed abdicated its responsibility to the people both before and after the financial crisis and how nobody within the Fed seems to have learned from the experience.

The Great Deformation

Author: David Stockman
Publisher: PublicAffairs
ISBN: 1586489127
Size: 52.92 MB
Format: PDF
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A former Michigan congressman and member of the Reagan administration describes how interference in the financial markets has contributed to the national debt and has damaging and lasting repercussions.

Collusion

Author: Nomi Prins
Publisher: Nation Books
ISBN: 1568585632
Size: 15.29 MB
Format: PDF, Docs
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In this searing exposé, former Wall Street insider Nomi Prins shows how the 2007-2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order. Central banks and international institutions like the IMF have overstepped their traditional mandates by directing the flow of epic sums of fabricated money without any checks or balances. Meanwhile, the open door between private and central banking has ensured endless opportunities for market manipulation and asset bubbles--with government support. Through on-the-ground reporting, Prins reveals how five regions and their central banks reshaped economics and geopolitics. She discloses how Mexico navigated its relationship with the US while striving for independence and how Brazil led the BRICS countries to challenge the US dollar's hegemony. She explains how China's retaliation against the Fed's supremacy is aiding its ongoing ascent as a global superpower and how Japan is negotiating the power shift from the West to the East. And she illustrates how the European response to the financial crisis fueled instability that manifests itself in everything from rising populism to the shocking Brexit vote. Packed with tantalizing details about the elite players orchestrating the world economy--from Janet Yellen and Mario Draghi to Ben Bernanke and Christine Lagarde--Collusion takes the reader inside the most discreet conversations at exclusive retreats like Jackson Hole and Davos. A work of meticulous reporting and bracing analysis, Collusion will change the way we understand the new world of international finance.

The Coming Bond Market Collapse

Author: Michael G. Pento
Publisher: John Wiley & Sons
ISBN: 1118457153
Size: 19.14 MB
Format: PDF
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The coming financial apocalypse and what government and individuals can do to insulate themselves against the worst shocks In this controversial book a noted adherent of Austrian School of Economics theories advances the thesis that the United States is fast approaching the end stage of the biggest asset bubble in history. He describes how the bursting of the bubble will cause a massive interest rate shock that will send the US consumer economy and the US government—pumped up by massive Treasury debt—into bankruptcy, an event that will send shockwaves throughout the global economy. Michael Pento examines how policies followed by both the Federal Reserve and private industry have contributed to the impending interest rate disaster and highlights the similarities between the US and European debt crisis. But the book isn't all doom and gloom. Pento also provides well-reasoned solutions that, government, industry and individuals can take to insulate themselves against the coming crisis. Paints an alarmingly vivid picture of the massive interest rate shock which soon will send consumers and the government into bankruptcy Backed by a wealth of historical and economic data, Pento explains how the bubble was created and what the U.S. can do to mitigate the impending crisis Provides investors with sound strategies for protecting themselves and their assets against the coming financial apocalypse Explains why retirees, in particular, will be at risk as real estate prices decline, pensions weaken, and the bond bubble bursts

Scale

Author: Geoffrey West
Publisher: Penguin
ISBN: 1594205582
Size: 78.84 MB
Format: PDF, ePub, Docs
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"From one of the most influential scientists of our time, a dazzling exploration of the hidden laws that govern the life cycle of everything from plants and animals to the cities we live in. The former head of the Sante Fe Institute, visionary physicist Geoffrey West is a pioneer in the field of complexity science, the science of emergent systems and networks. The term "complexity" can be misleading, however, because what makes West's discoveries so beautiful is that he has found an underlying simplicity that unites the seemingly complex and diverse phenomena of living systems, including our bodies, our cities and our businesses. Fascinated by issues of aging and mortality, West applied the rigor of a physicist to the biological question of why we live as long as we do and no longer. The result was astonishing, and changed science, creating a new understanding of energy use and metabolism: West found that despite the riotous diversity in the sizes of mammals, they are all, to a large degree, scaled versions of each other. If you know the size of a mammal, you can use scaling laws to learn everything from how much food it eats per day, what its heart-rate is, how long it will take to mature, its lifespan, and so on. Furthermore, the efficiency of the mammal's circulatory systems scales up precisely based on weight: if you compare a mouse, a human and an elephant on a logarithmic graph, you find with every doubling of average weight, a species gets 25% more efficient--and lives 25% longer. This speaks to everything from how long we can expect to live to how many hours of sleep we need. Fundamentally, he has proven, the issue has to do with the fractal geometry of the networks that supply energy and remove waste from the organism's body"--

Other People S Money

Author: Nomi Prins
Publisher: The New Press
ISBN: 1595586628
Size: 70.93 MB
Format: PDF
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Critical, independent voices are seldom found within the citadels of international finance. That’s what makes Nomi Prins unique. During fifteen years as an executive at skyscraping banks like Goldman Sachs, Bear Stearns, and Lehman Brothers, Prins never lost her ability to see the broader picture. She walked away from the game in 2002 out of disgust with the burgeoning corporate corruption, just as its magnitude was becoming clear to the public. In this acclaimed exposé, named one of the best books of 2004 by The Economist, Barron’s, Library Journal, and The Progressive, Prins provides fascinating firsthand details of day-to-day life in the financial leviathans, with all its rich absurdities. She demonstrates how the much-publicized fraud of recent years resulted from deregulation that trashed the rules of responsible corporate behavior, and not simply the unbridled greed of a select few. While the stock market roared on the back of phony balance sheets, executives made out like bandits and Congress looked the other way. Worse yet, as the new foreword to the paperback edition makes clear, everything remains in place for a repeat performance.

All The Presidents Bankers

Author: Nomi Prins
Publisher: Nation Books
ISBN: 156858749X
Size: 60.37 MB
Format: PDF
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Prins shows how powerful Wall Street bankers partnered with presidents to became the unelected leaders of the 20th century.

In Fed We Trust

Author: David Wessel
Publisher: Crown Business
ISBN: 0307459705
Size: 28.47 MB
Format: PDF
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“Whatever it takes” That was Federal Reserve Chairman Ben Bernanke’s vow as the worst financial panic in more than fifty years gripped the world and he struggled to avoid the once unthinkable: a repeat of the Great Depression. Brilliant but temperamentally cautious, Bernanke researched and wrote about the causes of the Depression during his career as an academic. Then when thrust into a role as one of the most important people in the world, he was compelled to boldness by circumstances he never anticipated. The president of the United States can respond instantly to a missile attack with America’s military might, but he cannot respond to a financial crisis with real money unless Congress acts. The Fed chairman can. Bernanke did. Under his leadership the Fed spearheaded the biggest government intervention in more than half a century and effectively became the fourth branch of government, with no direct accountability to the nation’s voters. Believing that the economic catastrophe of the 1930s was largely the fault of a sluggish and wrongheaded Federal Reserve, Bernanke was determined not to repeat that epic mistake. In this penetrating look inside the most powerful economic institution in the world, David Wessel illuminates its opaque and undemocratic inner workings, while revealing how the Bernanke Fed led the desperate effort to prevent the world’s financial engine from grinding to a halt. In piecing together the fullest, most authoritative, and alarming picture yet of this decisive moment in our nation’s history, In Fed We Trust answers the most critical questions. Among them: • What did Bernanke and his team at the Fed know–and what took them by surprise? Which of their actions stretched–or even ripped through–the Fed’s legal authority? Which chilling numbers and indicators made them feel they had no choice? • What were they thinking at pivotal moments during the race to sell Bear Stearns, the unsuccessful quest to save Lehman Brothers, and the virtual nationalization of AIG, Fannie Mae, and Freddie Mac? What were they saying to one another when, as Bernanke put it to Wessel: “We came very close to Depression 2.0”? • How well did Bernanke, former treasury secretary Hank Paulson, and then New York Fed president Tim Geithner perform under intense pressure? • How did the crisis prompt a reappraisal of the once-impregnable reputation of Alan Greenspan? In Fed We Trust is a breathtaking and singularly perceptive look at a historic episode in American and global economic history. From the Hardcover edition.

Pendulum

Author: Roy Williams
Publisher: Vanguard Press
ISBN: 1593157150
Size: 50.61 MB
Format: PDF, ePub, Mobi
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Politics, manners, humor, sexuality, wealth, even our definitions of success are periodically renegotiated based on the new values society chooses to use as a lens to judge what is acceptable. Are these new values randomly chosen or is there a pattern? Pendulum chronicles the stuttering history of western society; that endless back-and-forth swing between one excess and another, always reminded of what we left behind. There is a pattern and it is 40 years: 2003 was a fulcrum year, as was 1963, its opposite. Pendulum explains where we have been as a society, how we got here, and where we are headed. If you would benefit from a peek into the future, you would do well to read this book.