Secrets of the Temple: How the Federal Reserve Runs the Country
Author: William Greider
List Price: $19.00
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ISBN: 0671675567
Publisher: Simon & Schuster (15 January, 1989)
Sales Rank: 17,806
Average Customer Rating: 4.41 out of 5
Customer Reviews
Rating: 4 out of 5
An important book - regardless of your politcial ideology
Mr. Greider's book is a serious and controversial attempt to unlock the mysteries of the Federal Reserve Board - an institution that remains an enigma to most Americans. After reading this book, you will see why Fed Chairman Alan Greenspan is described as the second most powerful man in America. Greider not only goes behind the scenes to explain Federal Reserve policy from 1979 to 1986, he challenges the reader in a debate about the direction of monetary policy and more importantly, the desirability of having a Federal Reserve Board in the first place. I applaud Mr. Greider for bringing up this question that trancends the current political debate. But I do not agree with his proposal to put the Fed's powers in Congressional hands. That would only bring us back to the 1970s where political pressure on the Fed produced an easy money policy and inflation. Reversing this trend led to the harsh recession of 1981-82, which Greider despairs over. Our best hope is to keep the Fed in the hands of sober, intelligent people who put the needs of citizens over the needs of politicians.
Rating: 5 out of 5
The Federal Reserve Isn't What It Appears To Be
Although I read this book years ago I'm reviewing it today because I perceive it is very important that more of us understand money, our monetary system and the intersection between money and power. Recent financial meltdowns in Thailand, Russia and Argentina provide a roadmap of the risks we face and which could be coming home to roost.William Greider's book is a good introduction to the system. It's well written, informative and easy, entertaining reading.
Early in the book he asks a question about why it is that during the period leading up to the end of the 19th Century "Money and Monetary Systems" were hot topics in American political life, but today they are really off the radar screen?
That's a good question. Do you know the answer? I'd bet the answer is you, like most Americans probably don't. This book will give you the understanding you owe it to yourself to get. After all, it's your money.
Rating: 5 out of 5
Required reading, though...
Definitely one of the best books I've ever read. I concur with another reviewer who said that it explains central banking better than any college professor ever has.My only criticism (similar to Dale Franks') is that Greider's main grumble, i.e. that the Fed is mainly out to protect Money's interests, is a bit shallow.
It's no doubt true that bankers and plutocrats lobby vigorously for higher interest rates, and that the Fed Chairman depends, at least to a degree, upon their support... But, realistically, how could the world be different? What system could possibly be better than the current compromise? I doubt Greider would seriously maintain that things would be better if the Congress ran the Fed, which would almost directly lead to an unstable currency. It's true that Volcker's medicine was harsh, but are we to imagine that bondholders could have been convinced to accept lower long-term interest rates by moral suasion or government promises?
It's sad that the little guys suffer the most from high interest rates, but don't blame the Fed. Don't blame anyone!
Still, though, with a book this great, Greider earned the right to make a political statement in the midst of what really is a set of difficult technical issues.
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