Fed Power
- 304 Seiten
- 11 Lesestunden
Created over a century ago, the Federal Reserve is the world's most powerful central bank, wielding significant influence over the money supply and interest rates. While its actions can help many Americans, the benefits are not distributed equally. Large financial institutions and corporations often gain disproportionately, leaving homeowners, workers, and people of color at a disadvantage. The Fed's expanded power bypasses constitutional checks, exacerbating economic inequality and racial disparities. The second edition by Lawrence R. Jacobs and Desmond King extends their critical examination of the Fed's favoritism towards Wall Street during the 2008-2009 financial crisis to its unprecedented actions in response to the 2020 economic collapse triggered by the coronavirus pandemic. In five chapters, the authors explore the origins of the Federal Reserve System, its efforts to enhance its autonomy from Congress and the presidency, and its extensive support for Wall Street and large businesses during both crises. The analysis reveals that the scale of the Fed's interventions since 2008 is stirring public concern, protests, and calls for reform. The impact of the pandemic and the Black Lives Matter movement is intensifying demands for democratic accountability, stricter bank regulations, and policies aimed at reducing economic inequality and racial disparities.
