The U.S. Federal Reserve has an important job: to protect the American economy. That task has never been easy, but it’s gotten much harder over the last few years as the institution has responded to the twists and turns of the worldwide COVID crisis.
With inflation and recession on everyone’s minds, the Fed’s next moves have been the subject of much discussion. But in some ways, the institution’s past actions are equally important. Business journalist Christopher Leonard says that all the problems of the present make more sense when we view the financial collapse of 2008 as ongoing, with implications that are still unfolding today.
Looking under the hood of one of America’s most mysterious institutions, Leonard finds a truly shocking story. From the widening wealth gap to wage stagnation, the Fed is responsible for some of America’s most intractable problems. COVID has amplified these problems—and the bill is coming due.
Learn more in our Instaread on The Lords of Easy Money.