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  • The Lords of Easy Money

  • How the Federal Reserve Broke the American Economy
  • By: Christopher Leonard
  • Narrated by: Jacques Roy
  • Length: 10 hrs and 19 mins
  • 4.6 out of 5 stars (57 ratings)

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The Lords of Easy Money

By: Christopher Leonard
Narrated by: Jacques Roy
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Summary

NEW YORK TIMES BESTSELLER

The New York Times bestselling business journalist Christopher Leonard infiltrates one of America’s most mysterious institutions—the Federal Reserve—to show how its policies​ ​spearheaded by Chairman Jerome Powell over the past ten years have accelerated income inequality and put our country’s economic stability at risk.

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 the 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.

Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, stock prices are trading far above what’s justified by actual corporate profits, corporate debt in America is at an all-time high, and this debt is being traded by big banks on Wall Street, leaving them vulnerable—just as they were during the mortgage boom. Middle-class wages have barely budged in a decade, and consumers are buried under credit card debt, car loan debt, and student debt.

The Lords of Easy Money tells the shocking, riveting tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This will be the first inside story of how we really got here—and why we face a frightening future.

©2022 Christopher Leonard. All rights reserved. (P)2022 Simon & Schuster, Inc. All rights reserved.

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A revelation

I had a vague idea of the Fed and how it acted, but was shocked to find the amounts of money involved. If you have any interest in economics this is a must read.

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hmmm not what i expected

first half , booring . The 2nd half had some good info, yet this book could have bern 4hor less

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excellent analysis for the comman man

brilliant book about the corruption of the modern economy. The Fed directly elected Donald Trump

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  • Roger Martinez
  • 01-02-22

Nothing actionable.

It’s an interesting story if you like financial current events and recent history. However, there is nothing actionable. This will not help with your investments. The author is an anti-Trumper and an establishment guy. He seems shocked that the easy money policies of the Fed for decades has caused a widening of the inequality gap, yet he defines Fed credit like Ron Paul as cranks.

I wanted to quit the book many times, but I kept going as it seemed that the author was almost about to “get it”, but he never does.

14 people found this helpful

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  • Darrin
  • 23-02-22

Pointless book

The Fed printed too much money. That’s not good. No proposals or potential solutions. Republicans bad - Democrats good. I just saved you hours of reading this pointless book.

13 people found this helpful

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  • Christopher
  • 15-01-22

Thrilling, Terrifying, Thought-Provoking

The book is almost told like a spy thriller novel. Mr. Leonard does a great job of weaving interesting facts, figures and explanations in a way that is both engaging to listen to and horrifying in it's scope.

Mr. Leonard does a fantastic job of conveying difficult terms and processes such as corporate debt packaging and quantitative easing with a flair but also putting it in easy to understand language. Very little FED speak.

I highly recommend anyone who is interested in discovering one of the main drivers of economic problems and policy read/listen to this book.

Hold on, grab a snack, and be ready to ride the search for yeild curve!

4 people found this helpful

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  • Rachel Nielsen
  • 15-01-22

complex topics made understandable

all excellent explanation of topics such as the repo market. he shows the appropriate amount of sympathy for central bankers who are given difficult choices, as well as criticism for their choices which disproportionately benefit the rich.

4 people found this helpful

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  • Utilisateur anonyme
  • 21-01-22

Eye opener and chilling

This is the most important, up to date, book of recent behind the scene explanation of what is going on in the most powerful , secretive and influential agency in the world.

It is an eye opener and a monumental warning sign to the public to become less greedy and more fearful.


This book is THE "red pill" for the public and retail investors that underestimate, sometimes unaware of, the powerfull and destructive forces that will change the life of the generations to come.

I wish it was just a dystopian fiction.

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  • Brandon R.
  • 04-08-22

Meh….

Chapter 16 will age VERY poorly. Although recommended by war room, the book is too left leaning and written to enjoy. It is a good history, however, so I’ll still give two stars.

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  • Paint Manufacture
  • 17-04-22

Long

Seems like this story could have been told in less time and fewer words. Then at one point makes disparaging comments about the voter outrage over the BS election of 2020. Calls questions about the election “The Big Lie”, which is the lie. 100,000 vote drops of 100,000 to zero does not happen, ever. How these people have no curiosity is absurd. Basically, we’re screwed and there are no serious people in the book writing and news reporting class. I want to know what to do to be properly prepared and have proper asset allocation so when the excrement hits the fan I’m good. I listened to this while driving and while walking and playing golf. There has got to be a way to convey this info in less time with less talk about a cup of coffee somewhere. One round of golf, 4 hours ought to be enough time to tell any story.

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  • Denver G.
  • 29-03-22

Was great - the Political bias

Enjoyed the book and the perspective greatly but god I wish the liberal dribble was minimized at the closing of the book was a horrid display of virtue signaling silliness… he literally goes into detail about wearing two masks and other things off topic about the “capital incident” (have to carefully phrase that so the review is even visible) … maybe it was simply him trying to paint a picture of how things were but it’s hard to say for sure. Content wise I enjoyed the book and it was informative. I now have to more carefully research some of the things he spoke about to see if there was source bias to make sure this a more moderate view or a leftist view of things. (I’m not a conservative I’m a libertarian… I’m mostly annoyed he did a good job in so many areas keeping his political bias to himself and it bleed through loudly in a few parts towards the end and almost ruined the book for me, I can imagine if you actually liked trump it would totally ruin the book for you when there is a decent amount of value to what he has to bring to light, I can look past that others likely won’t)

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  • gunsha
  • 14-02-22

Oversold revelation but elitist as the Fed itself

This book was praised at Bannon's Warroom and its title makes it seem like a part of the major criticism of the Fed. I expected to have someone explain it all to me. But the book strikes me as elitist. It's trying to suck up to Fed economist and salon liberals, the very people who have propped up the system that - in the authors own words - wrecked the economy. A lot of time is spent on personal stories and too little on explaining mechanisms. The author seems to make it a point to deride the Tea Party movement, attack Glenn Beck with zest, and sneer about "conspiracy theories" repeatedly. But in each case, he doesn't do as much as explain how his superior elite understanding is different from what the only people who spoke about the Fed ruining the economy were saying. I am a scientist and engineer, I don't want to hear 7 hours (at 1.4x speed) of biography and handwaving. All these elitists claiming to have this refined understanding of the Fed are never actually explaining anything so it would make sense. It's very clear that money creation from nothing is causing inflation and asset bubbles, and essentially give free money to their plutocratic buddies who then make the common man work hard to gain a miserly penny from this loot. All non libtards get that. So when the author essentially says the same thing, but unloads his derisive drivel on us, without setting the record straight, what's the purpose of this book? I don't care about the decoration of Carlisle offices or some bigwig wearing a white tie!

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  • CHARLES C ASHFORD
  • 24-01-22

Just wow.

Hard to comprehend the level of criminality on display from the FED and the disasters it’s caused. So reckless and so futile. This book lays it all out. There’s no way out for the FED and this epic everything bubble.

2 people found this helpful