SOURCE: The Nation
Why Didn't Joe Biden Go to War with Jerome Powell and the Federal Reserve?
The policies the Federal Reserve has pursued in response to inflation threaten to treat the problem with a recession that will harm working families and potentially doom the Biden administration. Why hasn't the President pushed back against the bankers?
SOURCE: Foreign Policy
Is Jerome Powell Following History to Fight Inflation?
by Adam Tooze
Jerome Powell has drawn history into his public rationale for raising interest rates, arguing that his Fed won't repeat the problems of inaction of the 1970s. Is he risking a recession by ignoring the different causes of inflation today?
SOURCE: Made By History at the Washington Post
Treating Citizens as Consumers Results in One-Sided Fed Decisions
by Suzanne Kahn
A set of political choices over the course of the 20th century placed the concerns of consumers over those of workers. While most Americans fit both roles, this priority leaves a great deal of racial inequality in place.
Fed's Raphael Bostic Says There is Merit to Reparations for Racism
“There are definitely merits to it in the sense that, if people have been harmed by laws, then there should be a discussion about redress,” Bostic told CNN Business in an interview published on its website Monday.
SOURCE: New York Times
Biden and the Fed Leave 1970s Inflation Fears Behind
Biden's economic advisors appear to be treating unemployment, eviction and poverty wages as more serious problems than modest inflation, reversing decades of austerity-driven guidance.
SOURCE: Made By History at the Washington Post
Fixing the Economy Requires Giving Power to People Who Answer to the Public
by Jonathan Levy
The economy does not exist on a plane separate from politics; the power of the Federal Reserve for the past four decades has been directed at increasing inequality and the power of the financial sector.
SOURCE: The New Republic
The Libertarian Ideas That Wrecked the Fed
by Bruce Bartlett
Friedman’s ardent libertarian faith was central to his monetarist thinking; like all libertarians, he was always extremely wary of anything that would cause the size of government to grow.
The Fed Has a ‘Responsibility’ to Help Reduce High Unemployment in the Black Community
by Ayanna Pressley and David Stein
A historian of the relationship between economic policy and racial inequality and a member of the House of Representatives argue that the Federal Reserve needs to end its historic neglect of its mandate to promote full employment.
SOURCE: Lead Stories
Fact Check: NO Evidence Presidents Lincoln And Kennedy Were Assassinated For Trying To End Federal Reserve
There is no evidence that both Lincoln and Kennedy were assassinated because they wanted to destroy the Federal Reserve system (which also did not exist in Lincoln's day).
Wall Street Wins – Again: Bailouts in the Time of Coronavirus
by Nomi Prins
If ground-up solutions to help ordinary Americans and small businesses aren’t adopted, one thing is predictable: once this crisis has been “managed,” we’ll be set up for a larger one in an even more disparate world.
Could the Fed find itself in the cross-hairs of the president?
It’s happened before.
Larry Summers's Not-So-Illustrious Predecessor
by Stephen Mihm
Woodrow Wilson also withdrew his first choice for the Fed in 1914.
SOURCE: Bloomberg News
Stephen Mihm: The Woman Who Broke Into the Fed
Stephen Mihm, an associate professor of history at the University of Georgia, is a contributor to the TickerThe jockeying to succeed Ben Bernanke as the chairman of the Federal Reserve Board appears to pit Fed Vice Chairman Janet Yellen against a field that includes former Treasury Secretary Larry Summers and former Vice Chairman Donald Kohn. If Yellen becomes the first woman to hold the post -- despite a few sexist swipes from Summers' supporters -- she’ll owe a special debt to Nancy Teeters, who broke the glass ceiling at the Fed when she became the first female member of the board in 1978.
Roger Lowenstein: The Federal Reserve’s Framers Would Be Shocked
Roger Lowenstein is writing a history of the Federal Reserve.ONE hundred years ago today, President Woodrow Wilson went before Congress and demanded that it “act now” to create the Federal Reserve System. His proposal set off a fierce debate. One of the plan’s most strident critics, Representative Charles A. Lindbergh Sr., the father of the aviator, predicted that the Federal Reserve Act would establish “the most gigantic trust on earth,” and that the Fed would become an economic dictator or, as he put it, an “invisible government by the money power.”
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