Alchemy Leveraged: The Federal Reserve and Modern Finance
By Roger W. Garrison
This article appeared in the Winter 2012 issue of The Independent Review
Abstract
Kevin Dowd and Martin Hutchinson’s Alchemists of Loss: How Modern Finance and Government Regulation Crashed the Financial System (2010) presents a superior analysis of the origins of the worst financial crisis since the Great Depression. Although the authors cite the Federal Reserve as the main institutional cause of the crisis and recommend abolishing other financial regulatory agencies, they stop short of calling for an end to the Fed and instead propose that it pursue Volcker-style price stability—an approach that would leave the economy vulnerable to booms and busts fueled by monetary policy.
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