When the Federal Reserve makes money, where does it go? Turns out, the Fed’s hands are tied—it can’t do anything other than assume that the new money will trickle down into the hands of ordinary Americans through Wall Street’s coffers. And according to journalist Christopher Leonard, that’s put the United States’ economic stability at risk and accelerated income inequality.
Christopher Leonard is a business reporter and executive director of the Watchdog Writers Group at the University of Missouri School of Journalism. He is the author of Kochland: The Secret History of the Koch Industries and Corporate Power in America. His new book is The Lords of Easy Money: How the Federal Reserve Broke the American Economy.
Twitter: @CLeonardNews
The Lords of Easy Money: https://bookshop.org/books/the-lords-of-easy-money-how-the-federal-reserve-broke-the-american-economy/9781982166632
How Nov. 2, 2010 Made the Rich So Much Richer: https://time.com/6112931/federal-reserve-wealth-inequality-recession/
The Fed’s Doomsday Prophet Has a Dire Warning About Where We’re Headed: https://www.politico.com/news/magazine/2021/12/28/inflation-interest-rates-thomas-hoenig-federal-reserve-526177
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This post was originally published on Pitchfork Economics with Nick Hanauer.
