Economy

The Lords of Easy Money by Christopher Leonard 🎧 Audiobook

If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us. But the Fed also has a unique power to reshape the American economy for the worse, which it did, fatefully, on November 4, 2010 through a radical intervention called quantitative easing. In just a few short years, the Fed more than quadrupled the money supply with one goal: to encourage banks and other investors to extend more risky debt. Leaders at the Fed knew that they were undertaking a bold experiment that would produce few real jobs, with long-term risks that were hard to measure. But the Fed proceeded anyway...and then found itself trapped. Once it printed all that money, there was no way to withdraw it from circulation. The Fed tried several times, only to see market start to crash, at which point the Fed turned the money spigot back on. That’s what it did when COVID hit, printing 300 years’ worth of money in two short months. Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, stock prices are trading far above what’s justified by actual corporate profits, corporate debt in America is at an all-time high, and this debt is being traded by big banks on Wall Street, leaving them vulnerable—just as they were during the mortgage boom. Middle-class wages have barely budged in a decade, and consumers are buried under credit card debt, car loan debt, and student debt. The Lords of Easy Money tells the shocking, riveting tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This will be the first inside story of how we really got here—and why we face a frightening future. Timestamps: 00:00:00 Intro 00:00:05 PART I: "Respectfully, No" 00:00:07 Chapter 1: Going Below Zero 01:13:49 Chapter 2: Serious Numbers 01:52:22 Chapter 3: The Great Inflation(s) 02:30:25 Chapter 4: Fedspeak 03:12:26 Chapter 5: The Overmighty Citizen 03:45:13 Chapter 6: The Money Bomb 04:20:58 Part II: The Age of ZIRP 04:21:00 Chapter 7: Quantitative Quagmire 05:18:41 Chapter 8: The Fixer 06:05:27 Chapter 9: The Risk 06:33:33 Chapter 10: The ZIRP Regime 07:10:20 Chapter 11: The Hoening Rule 07:53:55 Chapter 12: Totally Normal 08:35:40 Part III: Let Them Eat Assets 08:35:41 Chapter 13: The Invisible Bailout 09:18:03 Chapter 14: Infection 09:45:44 Chapter 15: Winners and Losers 10:25:09 Chapter 16: The Long Crash 10:53:35 Acknowledgments If you enjoy my content, supporting me is greatly appreciated through subscribing, liking, or recommending to your friends. Thank you.

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