The Global Curse of the Federal Reserve reveals and explores the missing link between the Austrian School of Economics and behavioral finance theory. Monetary instability is the source of the waves of irrational exuberance (sometimes described as "asset price inflation"), which spread so much economic destruction and geo-political turmoil when they break. The largest and most destructive waves in the past 100 years have all been powered by monetary turmoil created by the Federal Reserve. Dr. Brown argues that flawed monetary practice and principles—most recently in the form of Bernanke-ism—have been responsible for the Fed-made havoc.
The author comes to two optimistic conclusions. First, political forces in the US will one day gain sufficient strength to repeal Bernanke-ism. But the new revolutionaries must learn from the mistakes of the first monetarist revolution. Brown argues for the end of the Fed as a policy-making institution. Second, it is possible for investors to build substantial protection for their wealth and even profit from monetary chaos unleashed by the Federal Reserve—but this depends on throwing overboard much of the established wisdom about optimal portfolio management.
Review
"Since its founding, the Federal Reserve's oracles have cultivated and kept alive the myth that the world's most prominent central bank is a purveyor of domestic and international stability. Brendan Brown, a premiere market economist, draws on his deep knowledge of economics, history and markets to expose the Fed as a great destabilizing force. Brown shines a bright light on all the nonsensical ideas and arguments that have been peddled by Fed myth makers - both past and present. He scrutinizes and explodes ideas embraced by contemporary currency warriors, including the so-called global imbalance and savings glut problems, and, yes, inflation targeting. Once Brown disrobes the oracles, he then takes monetarism to a new level and unfurls a blueprint for monetary stability." - Steve H. Hanke, Professor of Applied Economics, The Johns Hopkins University, USA
About the Author
BRENDAN BROWN is an international economist practicing in London, UK. He has authored many books on international financial topics, including monetary problems in the US, Europe, and Japan, and asset market pricing (including exchange rates) in a global context. The books cover both contemporary trends and historical topics. He was awarded a PhD by the London School of Economics and an MBA by the University of Chicago. Dr. Brown is a regular contributor to Japanese and European financial media.
The book is very presents a very clear analysis of the problems created by central bank manipulation of the money supply. It provides an interesting history of the Fed's behavior and its consequences from its inception. If you are interested in the effect of central banking, and particularly the Fed, on an economy, you won't want to miss this book. If you liked Lords of Finance, Bankers Who Broke the World, you will like this book.
Product Details :
- Paperback: 240 pages
- Publisher: Palgrave Macmillan; Second Edition,Revised Edition,2nd edition edition (March 1, 2013)
- Language: English
- ISBN-10: 1137297395
- ISBN-13: 978-1137297396
- Product Dimensions: 0.6 x 5.5 x 8.5 inches
More Details about The Global Curse of the Federal Reserve: How Investors Can Survive and Profit From Monetary Chaos, 2nd Edition
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