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The Fed
Book

The Fed

The Inside Story of How the World's Most Powerful Financial Institution Drives the Markets

Martin Mayer
Free Press, 2001

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Editorial Rating

9

Qualities

  • Eye Opening
  • Background
  • Engaging

Recommendation

This intricate history of the U.S. Federal Reserve Bank contains many surprising revelations about the hidden world of our central bankers, and one that might not come as much of a shock: The people calling the shots are probably no brighter than you. This simple observation is the take-away moral of Martin Mayer’s hefty book, which pulls the curtain aside to provide a fascinating, if sometimes rambling, glimpse into the world of the U.S. Fed. getAbstract.com heartily recommends this substantive work to anyone interested in learning how the U.S. economy really functions. (Postscript: Kudos to Mr. Mayer for pointing out a couple of years ago that the positive trends we enjoyed under the Greenspan heyday could indeed reverse.)

Take-Aways

  • Although we live in a democracy, the workings of our central bankers have always been shrouded in secrecy.
  • With today’s technology, however, almost anyone with an Internet connection can find as much information as the Governing Board of the Federal Reserve.
  • Wide access to information has diminished the Fed’s ability to influence markets.

About the Author

A well-respected financial journalist with more than 30 books to his credit, Martin Mayer is a guest scholar at the Brookings Institution. He is a regular contributor to the Wall Street Journal, and a columnist for OnMoney.com.

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