Who needs the Fed? : what Taylor Swift, Uber, and robots tell us about money, credit, and why we should abolish America's central bank / John Tamny.

Format:

Book

Author/Creator:

Tamny, John, author.

Language:

English

Subjects (All):

Federal Reserve banks.

Banks and banking, Central--United States.

Banks and banking, Central.

Credit.

Physical Description:

1 online resource (176 p.)

Place of Publication:

New York ; London, [England] : Encounter Books, 2016.

Language Note:

English

Summary:

The Federal Reserve is one of the most disliked entities in the United States at present, right alongside the IRS. Americans despise the Fed, but they're also generally a bit confused as to why they distrust our central bank. Their animus is reasonable, though, because the Fed's most famous function—targeting the Fed funds rate—is totally backwards. John Tamny explains this backwardness in terms of a Taylor Swift concert followed by a ride home with Uber. In modern times, he points out, the notion of credit has been perverted, so that most people believe it's money and that the supply of it can therefore be increased. This false notion has aggrandized the Fed with power that it can't possibly use wisely. The contrast between the grinding poverty of Baltimore and the abundance of Silicon Valley helps illustrate the problem, along with stories about Donald Trump, Robert Downey Jr., Jim Harbaugh (the Michigan football coach), and robots. Who Needs the Fed? makes a sober case against the Federal Reserve by explaining what credit really is, and why the Fed's existence is inimical to its creation. Readers will come away entertained, much more knowledgeable, and prepared to argue that the Fed is merely superfluous on its best days but perilous on its worst.

Contents:

Title Page; Copyright; Dedication; Contents; Foreword; Acknowledgments; Introduction; Part One: Credit; Chapter One: The Rate Setters at the Fed Should Attend More Taylor Swift Concerts; Chapter Two: Jim Harbaugh, Urban Meyer, and Pete Carroll Would Never Need an Easy Fed; Chapter Three: In Hollywood, the Traffic Lights Are Almost Always Red; Chapter Four: In Silicon Valley Your Failures Are Your Credit; Chapter Five: Did You Hear the One about Donald Trump Walking into a Bank?; Chapter Six: Ben Bernanke's Crony Credit

Chapter Seven: What the Supply-Siders and Hillary Clinton Sadly Have in CommonChapter Eight: Why "Senator Warren Buffett" Would Be a Credit-Destroying Investor; Chapter Nine: The Credit Implications of the Fracking Boom; Chapter Ten: Conclusion: Sorry Keynesians and Supply-Siders, Government Is Always a Credit-Shrinking Tax; Part Two: Banking; Chapter Eleven: NetJets Doesn't Multiply Airplanes, and Banks Don't Multiply Money and Credit; Chapter Twelve: Good Businesses Never Run Out of Money, and Neither Do Well-Run Banks; Chapter Thirteen: Do We Even Need Banks?

Chapter Fourteen: The Housing Boom Was Not a Consequence of "Easy Credit"Chapter Fifteen: Conclusion: Why Washington and Wall Street Are Better Off Living Apart; Part Three: The Fed; Chapter Sixteen: Baltimore and the Money Supply Myth; Chapter Seventeen: Quantitative Easing Didn't Stimulate the Economy, Nor Did It Create a Stock-Market Boom; Chapter Eighteen: The Fed Has a Theory, and It Is 100 Percent Bogus; Chapter Nineteen: Do We Really Need the Fed?; Chapter Twenty: End the Fed? For Sure, But Don't Expect Nirvana

Chapter Twenty-One: Conclusion: The Robot Will Be the Biggest Job Creator in World HistoryNotes; Index

Notes:

Includes index.

Description based on print version record.

ISBN:

9781594038327

1594038325

OCLC:

945586107