#244 - Christopher Leonard - ”Fed-Pilled” - The Lords of Easy Money And The Federal Reserve

Chatter

Christopher Leonard is the author of the new book The Lords of Easy Money: How the Federal Reserve Broke the American Economy. 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 the Fed also has a unique power to reshape the American economy for the worse, which it did, fatefully, on November 4, 2010 through 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 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 two short months. https://www.simonandschuster.com/books/The-Lords-of-Easy-Money/Christopher-Leonard/9781982166632 https://wallstreetonparade.com/2021/06/feds-reverse-repos-surge-to-historic-485-billion-whats-wall-street-afraid-of-this-time/ https://www.investopedia.com/terms/r/repurchaseagreement.asp https://www.globalpropertyguide.com/North-America/United-States/Price-History HELP ME CROWDFUND MY GAMESTOP BOOK. Go to https://wen-moon.com to join the crowdfunding campaign and pre-order To The Moon: The GameStop Saga! If you haven’t already and you enjoyed this episode, please subscribe to this podcast and our mailing list, and don’t forget, my book, Brexit: The Establishment Civil War, is now out, you’ll find the links in the description below. You can listen to the show on Spotify - https://open.spotify.com/show/5AYWZh12d92D4PDASG4McB?si=5835f2cf172d47cd&nd=1 Apple Podcasts - https://podcasts.apple.com/us/podcast/chatter/id1273192590 Google Podcasts - https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5wb2RpYW50LmNvL2NoYXR0ZXIvcnNzLnhtbA And all major podcast platforms. Watch Us On Odysee.com - https://odysee.com/$/invite/@TheJist:4 Sign up and watch videos to earn crypto-currency! Buy Brexit: The Establishment Civil War - https://amzn.to/39XXVjq Mailing List - https://www.getrevue.co/profile/thejist Twitter - https://twitter.com/Give_Me_TheJist Website - https://thejist.co.uk/