The Lords of Easy Money: How the Federal Reserve Broke the American Economy

An economic calamity threatened to upend the financial system of the United States in 2008. One of the institutions that stepped in to mitigate some of the damage was the Federal Reserve. The Fed, overseen by Ben Bernanke at the time, decided to lower interest rates and inject more dollars into the system, a process known as quantitative easing. The Fed worked in conjunction with the Treasury to help bail out the troubled assets of the ailing financial world.

By 2010, the economy was still struggling to recover its composure. Bernanke looked to continue the quantitative easing, but a unanimous vote meant that was not possible. Kansas City Chairman Thomas Hoenig viewed the consistent lowering of rates as being worse than the cure, leaving the country susceptible to inflation. The conflict between Hoenig and Bernanke serves as a microcosm of an entity with near-unlimited power that decides the fiduciary fate of millions.

The Lords of Easy Money proves that monetary regulation is complex and riddled with intrigue. Author Christopher Leonard brings the reader through the high-stakes board meetings and votes resulting in mountainous highs and bottomless lows in the financial markets. Financial policy has never seemed so interesting.