• The Fed Unbound

  • Central Banking in a Time of Crisis
  • By: Lev Menand
  • Narrated by: Mark Deakins
  • Length: 3 hrs and 51 mins
  • 4.7 out of 5 stars (22 ratings)

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Publisher's Summary

How an unelected, unaccountable institution gained immense power during the pandemic.

It is a bedrock principle of the US Constitution that Congress, as representatives of the people, sets economic policy and directs government resources. This all changed 13 years ago, and even more dramatically during the pandemic. The Federal Reserve operates independently from the rest of the government, and can create as much money as it sees fit and use it without the prior approval of Congress, the courts, or the President. When the Fed creates new money to address economic problems, it helps certain groups, like powerful business interests, and becomes a massive driver of inequality.

In The Fed Unbound, Lev Menand tells the story of how the Fed became out of control during the 2008 financial crisis and the 2020 pandemic, and what can be done about it.

©2022 Lev Menand (P)2022 Random House Audio

What listeners say about The Fed Unbound

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Must read for people wanting to understand how the financial system works

I am an investment fund manager. This book is an extraordinary explanation of how the system works. I heard about it from Menand’s interview on the Hidden Forces podcast. Menand is a gifted communicator. These are topics that experts have been trying to understand and communicate since 2009. This book is both concise and approachable for non experts. I sincerely hope this is just the first in a line of many contributions by Mr. Menand.

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Great clarity on what the Fed is, was, does, did

I have read a half dozen books on the Fed. This one, in a compact size, is the most clear and overall informative. It gives an overview of adjacent financial things (shadow banks, the role of the legislatures, a bit on crypto, etc.) and histories. It has a spare but very informative history of the institutions involved. It takes great skill not to be too talkative and meandering, and this book succeeds mightily. It connects the major dots superbly.

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