Description : A New York Times Bestseller “A fascinating account of the effort to save the world from another [Great Depression]. . . . Humanity should be grateful.”—Financial Times In 2006, Ben S. Bernanke was appointed chair of the Federal Reserve, the unexpected apex of a personal journey from small-town South Carolina to prestigious academic appointments and finally public service in Washington’s halls of power. There would be no time to celebrate. The bursting of a housing bubble in 2007 exposed the hidden vulnerabilities of the global financial system, bringing it to the brink of meltdown. From the implosion of the investment bank Bear Stearns to the unprecedented bailout of insurance giant AIG, efforts to arrest the financial contagion consumed Bernanke and his team at the Fed. Around the clock, they fought the crisis with every tool at their disposal to keep the United States and world economies afloat. Working with two U.S. presidents, and under fire from a fractious Congress and a public incensed by behavior on Wall Street, the Fed—alongside colleagues in the Treasury Department—successfully stabilized a teetering financial system. With creativity and decisiveness, they prevented an economic collapse of unimaginable scale and went on to craft the unorthodox programs that would help revive the U.S. economy and become the model for other countries. Rich with detail of the decision-making process in Washington and indelible portraits of the major players, The Courage to Act recounts and explains the worst financial crisis and economic slump in America since the Great Depression, providing an insider’s account of the policy response.
Description : A Federal Reserve insider pulls back the curtain on the secretive institution that controls America’s economy After correctly predicting the housing crash of 2008 and quitting her high-ranking Wall Street job, Danielle DiMartino Booth was surprised to find herself recruited as an analyst at the Federal Reserve Bank of Dallas, one of the regional centers of our complicated and widely misunderstood Federal Reserve System. She was shocked to discover just how much tunnel vision, arrogance, liberal dogma, and abuse of power drove the core policies of the Fed. DiMartino Booth found a cabal of unelected academics who made decisions without the slightest understanding of the real world, just a slavish devotion to their theoretical models. Over the next nine years, she and her boss, Richard Fisher, tried to speak up about the dangers of Fed policies such as quantitative easing and deeply depressed interest rates. But as she puts it, “In a world rendered unsafe by banks that were too big to fail, we came to understand that the Fed was simply too big to fight.” Now DiMartino Booth explains what really happened to our economy after the fateful date of December 8, 2008, when the Federal Open Market Committee approved a grand and unprecedented experiment: lowering interest rates to zero and flooding America with easy money. As she feared, millions of individuals, small businesses, and major corporations made rational choices that didn’t line up with the Fed’s “wealth effect” models. The result: eight years and counting of a sluggish “recovery” that barely feels like a recovery at all. While easy money has kept Wall Street and the wealthy afloat and thriving, Main Street isn’t doing so well. Nearly half of men eighteen to thirty-four live with their parents, the highest level since the end of the Great Depression. Incomes are barely increasing for anyone not in the top ten percent of earners. And for those approaching or already in retirement, extremely low interest rates have caused their savings to stagnate. Millions have been left vulnerable and afraid. Perhaps worst of all, when the next financial crisis arrives, the Fed will have no tools left for managing the panic that ensues. And then what? DiMartino Booth pulls no punches in this exposé of the officials who run the Fed and the toxic culture they created. She blends her firsthand experiences with what she’s learned from dozens of high-powered market players, reams of financial data, and Fed documents such as transcripts of FOMC meetings. Whether you’ve been suspicious of the Fed for decades or barely know anything about it, as DiMartino Booth writes, “Every American must understand this extraordinarily powerful institution and how it affects his or her everyday life, and fight back.”
Description : In this searing exposé, former Wall Street insider Nomi Prins shows how the 2007-2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order. Central banks and international institutions like the IMF have overstepped their traditional mandates by directing the flow of epic sums of fabricated money without any checks or balances. Meanwhile, the open door between private and central banking has ensured endless opportunities for market manipulation and asset bubbles--with government support. Through on-the-ground reporting, Prins reveals how five regions and their central banks reshaped economics and geopolitics. She discloses how Mexico navigated its relationship with the US while striving for independence and how Brazil led the BRICS countries to challenge the US dollar's hegemony. She explains how China's retaliation against the Fed's supremacy is aiding its ongoing ascent as a global superpower and how Japan is negotiating the power shift from the West to the East. And she illustrates how the European response to the financial crisis fueled instability that manifests itself in everything from rising populism to the shocking Brexit vote. Packed with tantalizing details about the elite players orchestrating the world economy--from Janet Yellen and Mario Draghi to Ben Bernanke and Christine Lagarde--Collusion takes the reader inside the most discreet conversations at exclusive retreats like Jackson Hole and Davos. A work of meticulous reporting and bracing analysis, Collusion will change the way we understand the new world of international finance.
Description : "The events of the past decade and a half are the story of two mistakes, one triumph, with the real possibility either of another mistake. Prior to the global financial crisis of 2007-9 many central bankers were dismissive about the need to worry about financial instability. The connection between finance and the real economy was severed. The decades since the 1980s saw several financial crises around the world with little lasting impact on the global economy. The second mistake was a failure to adequately appreciate how inter-connected the world's financial system had become. The fact that the crisis originated in the advanced world only increased the effect it had on the global economy. The triumph was the widespread acceptance by central banks, governments, and the public, that price stability is a desirable objective. Whether the desire to pursue low and stable inflation is cause or consequence of economic performance during the two decades that preceded the crisis remains hotly debated. There is also the prospect of another shock to come given the strategies adopted by central banks in the advanced economies. Whether it will be a positive one, or presage another major crisis, remains to be seen. The latter is more likely since the outlook at the end of 2016 is clouded by two sets of opposing forces. On the domestic front key advanced economies face a difficult exit from ultra-loose monetary policies. At the international tensions between central banks and the governments they are directly accountable to have heightened considerably. The book tells this story and provides some ideas about where to go from here in the area of central banking"--
Description : This third edition of the highly successful and well-regarded Australian adaptation of Frank and Bernanke's Principles of Microeconomics by Sarah Jennings (University of Tasmania) takes a rigorous, theoretical treatment that is suitable for mid to high-level courses but is nonetheless easy-to-follow and logical. It is full of practical examples and in-chapter exercises that allow students to check their understanding of the important concepts as they work through the chapter. New to this edition: the chapters on competitive advantage and the open economy have been merged into a single chapter and the former chapter 1 has been moved online for a more streamlined text that covers all the important elements of introductory microeconomics. Indifference curve analysis has also been introduced for this edition.Background Briefing and Thinking as an Economist vignettes provide significant links between economic theory and the real world, and up-to-date data present students with a snapshot of the economy as it is right now. This text is for first-year students of economics or those taking it as a first subject in microeconomics. The authors take an active learning approach. They suggest that the only way to learn to hit an overhead smash in tennis or to speak a foreign language is through repeated practice. The same is true for learning economics. Throughout this book you will find new ideas introduced with simple examples, followed by applications showing how they work in familiar settings. The features within each chapter are designed to both test and reinforce the understanding of these ideas.
Description : Principles of Macroeconomics provides a rigorous and theoretical treatment of concepts in an easy-to-follow and logical format. This fourth edition is fully up-to-date with all the latest relevant theories, figures and, data including a brand new chapter on macroeconomic policy (Chapter 10). The authors introduce a coherent short list of core principles and reinforce them by illustrating and applying each in numerous contexts. With engaging questions, explanations and exercises, the authors help students relate economic principles to a host of everyday experiences such as going to the ATM or purchasing airline tickets. Throughout this process, the authors encourage students to think like an economist and to and employ basic economic principles to understand and explain what they observe in the world around them. This approach engages student interest while teaching them to see each feature of their economic landscape as the reflection of an implicit or explicit cost-benefit calculation. Principles of Macroeconomics is accompanied by market leading interactive resources including graphing tutorials, logic cases, video cases, and quizzes to enable students to master concepts in an engaging way. LearnSmart adaptive technology is available for the first time with this edition! LearnSmart maximises learning productivity and efficiency by identifying the most important learning objectives for each student to master at a given point in time. It knows when students are likely to forget specific information and revisits that content to advance knowledge from their short-term to long-term memory. Data driven reports highlight the concepts individual students - or the entire class are struggling with. LearnSmart is proven to improve academic performance - including higher retention rates and better grades.