Should Congress control the Federal Reserve?

Robert Pollin and Gerald Epstein

Chapter 22 in The Political Economy of Central Banking, 2019, pp 527-533 from Edward Elgar Publishing

Abstract: How the "Federal Reserve Runs the Country" is both the subtitle and central vision motivating Williams Greider's book on recent U.S. political and economic history, Secrets of the Temple. In case the book's viewpoint is not sufficiently clear from its title page, Greider asserts his thesis even more strongly in the first chapter: "The Federal Reserve decided the largest questions of the political economy 'during the years of Paul Volcker's chairmanship,' including who shall prosper and who shall fail." Greider's contention that U.S. financial travails can be traced to the unrepresentative and insulated club of bankers running the Federal Reserve is widely accepted by radical economists.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
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