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The federal funds rate is the interest rate at which depository institutions like banks lend reserve balances to other banks on an overnight basis.

And what has it sown from its command post? An obvious reward for preventing any real discussion, or change, of the Federal Reserve during the Sarbanes-Oxley Act debates. For additional information, see: The central banks then bought gold.

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San Francisco Chronicle Review Spectacular A superb, riveting narrative of the development of the U. An informative primer on the origins and nature of money Columbia Journalism Review An awesome achievement Time Lucid and colorful Currently the national affairs correspondent for The Nation, he lives in Washington, D.

Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support? This ground-breaking best-seller reveals for the first time how the mighty and mysterious Federal Reserve operates—and how it manipulated and transformed both the American economy and the world's during the last eight crucial years.

Based on extensive interviews with all the major players, Secrets of the Temple takes us inside the government institution that is in some ways more secretive than the CIA and more powerful than the President or Congress. Read more Read less. Discover Prime Book Box for Kids. Add both to Cart Add both to List. These items are shipped from and sold by different sellers.

Buy the selected items together This item: Secrets of the Temple: Sold by Spencer Ross and ships from Amazon Fulfillment. Ships from and sold by Amazon. Customers who bought this item also bought.

Page 1 of 1 Start over Page 1 of 1. The Creature from Jekyll Island: A Second Look at the Federal Reserve. The Bankers Who Broke the World. All the Presidents' Bankers: I'd like to read this book on Kindle Don't have a Kindle? Share your thoughts with other customers. Write a customer review. Read reviews that mention federal reserve interest rates secrets of the temple money supply monetary policy paul volcker william greider runs the country alan greenspan jimmy carter required reading fed chairman united states reading this book years ago reserve system high interest gold standard inner workings chairman paul.

Showing of 84 reviews. Top Reviews Most recent Top Reviews. There was a problem filtering reviews right now. Please try again later. This lending comes from their regional Federal Reserve bank. This includes reserve requirements, which the Fed does regulate. But it also includes the right to directly intervene in the operations of any major bank. The can also directly impose maximum interest spread, limiting bank profits.

They can pretty much do anything they want, but almost never do. Think of their legal relationship with commercial banks as comparably to the role the judicial branch serves for the legislature; checks and balances. The Federal Reserve operates as public-private hybrid. And then there are the twelve Federal Reserve Banks, which are private, and serve as a conduit between the Fed and commercial banks.

Technically congress could redefine their role, but historically, has overall declined to exercise this right. If all of this sounds very confusing, it is. Even more confusing than the structure of the Fed is the question of what is money and what is it for. And yet, for some reason, this seems to be an American ideal. The Federal Reserve was created in , partially inspired by the panic of And yet the Great Depression of the s, one of the most severe financial disasters in our history, happened under the direct oversight of the Fed.

But if you think the 20th century had it rough, look back to the greenback era and the Great Deflation following the Civil War, where currency in circulation was cut in half over the course of a couple decades.

Ironically, the populist era of the s and their call for a move away from the gold standard [a non-dynamic money supply] helped to sew the seeds for the creation of the Fed, an anti-populist institution. One of the reasons for this perversion was that the rural farmers [populists] called for the creation of a land-backed currency [linking value directly to our food supply and natural resources], yet the Fed dropped this aspect of their proposal.

The New Deal created the era of centralization and consumerism. Following the Crash of , we had a decision - small economy and decentralization, or big economy and centralization. Obviously, we chose the latter. If we had gone the other way, the world would be a very different place.

Rural communities in the US would be thriving. Our technology would likely be less developed, and our GDP would be much smaller. Global population would be smaller. Charles Partee, commenting about the early s: Government debt is going up, household debt, corporate debt. How can you look at that and conclude that interest rates are too high. Why are people making all these bad loans? People can say interest rates are too high and I might agree with that, certainly by historic standards and by the conditions in the economy.

But if interest rates are too high, why is debt expanding so fast? Why is debt growing at a record rate relative to GNP? For example, two of the iconic economic theories of the twentieth century, Keynes and Friedman, were both wrong. And yet this process of raising rates and increasing unemployment directly increases wealth inequality. And yet wealth inequality has been proven to decrease economic productivity. The whole system is a mess.

Such a task would naturally deter most scholars of economic history but not, thank goodness, Allan Meltzer. A work that scholars will mine for years to come. Berry, Washington Post "An exceptionally clear story about why, as the ideas that actually informed policy evolved, things sometimes went well and sometimes went badly.

One can only hope that we do not have to wait too long for the second installment. Meltzer's analysis is persuasive and acute. His work will stand for a generation as the benchmark history of the world's most powerful economic institution. It is an impressive, even awe-inspiring achievement. Read more Read less. Discover Prime Book Box for Kids. Add all three to Cart Add all three to List. One of these items ships sooner than the other.

Buy the selected items together This item: A History of the Federal Reserve, Volume 1: Ships from and sold by Amazon. Customers who bought this item also bought. Page 1 of 1 Start over Page 1 of 1. A Monetary History of the United States, Manias, Panics, and Crashes: From the Inside Flap Allan H. University of Chicago Press June Language: Don't have a Kindle? Try the Kindle edition and experience these great reading features: Share your thoughts with other customers.

Write a customer review. Showing of 11 reviews. Top Reviews Most recent Top Reviews. There was a problem filtering reviews right now.

Please try again later. My History of Economics professor gave the students a list of books to read and report on at the end of the semester. Each student chose one book, with no one reporting on the same title. Without knowing much about the book, I chose this one. Upon telling the professor and class my choice, the professor said "Really? I even debated putting it on the list". Being overwhelmed that semester, I was ready to choose another title. However, before I could reply he stated, "Ah, your smart.

You will do fine I was stuck so I made the best of it. After starting the book, I soon came to realize it was not boring or dry. I absolutely loved it. As an economics student and geek, I am highly intrigued by the Federal Reserve and the amount of power they posses by controlling our monetary system.

For better or worse, the Federal Reserve is powerful and this book provided immense insight. Of particular note was the insight regarding the rational behind the decisions made during the great depression. Contrasting these actions with the actions taken by the Federal Reserve following the crisis provides for an amazing comparison and study of the effectiveness of monetary policy, political power, and public opinion. For student readers, if you simply desire to pass your course doing the bare minimum, do not read this book if provided an option.

However, if you enjoy economics and get a little geeky like I do over monetary policy, this is a superb read. One other is a multi-volume history by Bray Hammond.

Hammond's first volume is required reading on the subject. After that his work is short and lacking economic insight. I believe Hammond's later work was affected by bad health.

Again, Meltzer is both authoritative and a good read. In modern scholarly publishing, the author is largely on his own. If the book is to read smoothly and be free of errors, it's pretty much up to the author -- or the author's friends and colleagues -- to do the careful proofreading required, especially in a book of this length. Perhaps not too surprisingly, Meltzer having finished the prodigious labor of writing this volume -- and with two more lengthy volumes still to write!

Honestly, this book is what in an earlier day would have been seen as a first draft. A monumental, incredibly well researched first draft, but a first draft nonetheless. As a result, there a significant number of typos or small errors.

The reasons why the bank's founders dropped the "the" in the bank's name is actually a significant story, albeit one that Meltzer omits. Apart from these minor blemishes, the apparent failure to significantly revise the manuscript results in problems with the narrative flow.