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21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19
Only Alan Blinder, once a Fed vice chairman and a former Princeton colleague of Bernanke’s, defended the Fed. Blinder told this tale:
Andrew Ross Sorkin • Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves
Big Idea Ten: Central Banking Is a Hard Job
Alex Taborrok • Modern Principles of Economics
Back during the 2010-2014 period in particular, the Fed was buying Treasuries as a somewhat optional way to boost the wealth effect, provide extra liquidity, and recapitalize the banking system.
Lyn Alden • May 2024 Newsletter: The Bond Market Is the “Dumb Money” Now
America, China, and the Death of the International Monetary Non-System - American Affairs Journal
Russell Napieramericanaffairsjournal.org
Former Fed chairman Ben Bernanke may be correct that these measures averted an economic collapse worse than the Great Depression. But they worked largely by further exacerbating income and wealth inequality, something that did not happen in the years following 1929. And they rendered the economy dependent on ever-higher doses of stimulus—leaving it
... See moreNeil Howe • The Fourth Turning Is Here: What the Seasons of History Tell Us about How and When This Crisis Will End
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federalreserve.gov