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Central Bankers at the End of Their Rope?: Monetary Policy and the Coming Depression
Download Ebook Central Bankers at the End of Their Rope?: Monetary Policy and the Coming Depression
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Review
"Rasmus documents the ties of the Federal Reserve to Wall Street and demands democratization of central banking with a series of common sense solutions. A great book. I learned a lot from it." LARRY COHEN, Board of Directors, OUR REVOLUTION"The most reliable guide to understanding neoliberalism is Jack Rasmus; his book, Central Bankers at the End of Their Rope?, examines the fundamental role of central banks in our new, savage global economy."DAVID BAKER, Z Magazine, October 2017
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About the Author
Dr. Jack Rasmus is the author of several books on the USA and global economy, including Systemic Fragility in the Global Economy, 2015; Epic Recession: Prelude to Global Depression, 2010, and Obama's Economy, 2012. He hosts the weekly New York radio show, Alternative Visions, on the Progressive Radio network; is shadow Federal Reserve Bank chair of the 'Green Shadow Cabinet' and economic advisor to the USA Green Party's presidential candidate, Jill Stein. He writes bi-weekly for Latin America's teleSUR TV, for Z magazine, Znet, and other print & electronic publications.
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Product details
Paperback: 362 pages
Publisher: Clarity Press, Inc. (July 7, 2017)
Language: English
ISBN-10: 0986085391
ISBN-13: 978-0986085390
Product Dimensions:
6 x 0.8 x 9 inches
Shipping Weight: 14.4 ounces (View shipping rates and policies)
Average Customer Review:
5.0 out of 5 stars
4 customer reviews
Amazon Best Sellers Rank:
#309,755 in Books (See Top 100 in Books)
Central Banks On the Ropes? By Jack Rasmus is a tour de force of both the history of central banks and how they have degraded into weapons of mass financial destruction in the service of the 1%. Historically central banks have always been in the service of elites; first, to provide loans to Princes, Kings, and Emperors for their endless wars; more recently as the lender of last resort to financial institutions who are too big to fail and too big to jail. It is the latter function which has brought us to the financial abyss, an ocean of debt of over $20 trillion, broadcast world wide to the 1% who have used the electronically printed money as fast as they receive it for gambling in financial assets, off shoring jobs, buying stocks and bonds, and generated rivers of dividends to themselves. It is part of Jack Rasmus’s major achievement that he unravels the layers and layers of deceit by the central banks and the all too trusting media to show that the publicly announced goals of lender of last resort, maintaining inflation and money supply goals, are empty ideology. Which is why central banks are “on the ropes†and we face the financial abyss: the central banks cannot stop the flow of billions of electronically printed cash or raise interest rates significantly without plunging the markets into financial crisis. But it is the rivers of cash distributed world wide that has prompted bubble after financial bubble and will lead inevitably to the next crash.
This is an update and refinement of Rasmus' earlier landmark books(SYSTEMIC FRAGILITY... ---216---and EPIC RECISSION )
This book does a better job of explaining how central banks work in any of the others I have read. Two mainstream books, Mohamed El-Erian's The Only Game in Town and Banking on the Future: The Fall and Rise of Central Banking appear to be limited by the obligate blindness that bankers must have to the fact that there is no correct way to do it. The central bank's goals are too elusive, the tools are too blunt and ineffective, the process is inherently political, and there are demographic and economic variables at play which are beyond the central bankers' ability to control. Losing Control: The Emerging Threats to Western Prosperity is another book that covers more or less the same ground, though I think Rasmus does it better and with less bias.Other books such as The Creature from Jekyll Island: A Second Look at the Federal Reserve and The Secrets of the Federal Reserve are conspiratorial. The Jekyll Island does a great job of describing how the Federal Reserve was established, but it ascribes to conspiracy that which can be better explained by mere self-interest. The bankers look out for themselves. The second book edges close to describing a Jewish conspiracy. As Kevin McDonald writes in The Culture of Critique: An Evolutionary Analysis of Jewish Involvement in Twentieth-Century Intellectual and Political Movements, the Jews have evolved to look out for one another, but that does not rise to the level of conspiracy. Murray Rothbard's 1962 What Has Government Done to Our Money? was a prescient vision of things to come.The Tyranny of the Federal Reserve, not widely read, is valuable in that it puts the operation of the central bank into a much broader perspective. It addresses an entire range of tyrannies: those of debt, usury, fractional reserve banking, gold, central banks, war, free trade, mass immigration, the media and public education. This Time Is Different: Eight Centuries of Financial Folly is a survey of fiat money regimes going back eight centuries. They all fail, and all for the same reason: politicians cannot control themselves when it comes to printing money. James Rickards makes the same point well in The Death of Money: The Coming Collapse of the International Monetary System.Rasmus' book is the most valuable of the group, effectively enumerating and describing the tools, policy objectives and targets of the central banks, and evaluating their effectiveness in light of their own targets and their ability to manage their respective economies.Rasmus recommends a constitutional amendment to address the problem. The effect of the amendment would be to redress the abuse that he sees in the present system, whereby central banks worldwide are generating a great amount of liquidity most of which flows into financial instruments instead of the real economy, benefiting the rich and starving pensioners and savers.He recommends democratizing the governance of the Federal Reserve, taking it out of the self-serving hands of the bankers.This would be a good start. The book does not address larger issues, such as the coming demographic crisis as world populations age.This is as good a book as one will find describing the problems as they exist and how they came to be. One cannot fault the book for failing to recommend a complete solution. Nobody in the world has found one. For this reason prognosticators are increasingly forecasting a global collapse, a reset that will require something new to rise from the ashes. Only between the lines does Rasmus suggest that that's where things are headed.A five-star effort. The best single book I have read on the Federal Reserve and central banks. I am including my (somewhat unedited) reading notes as comments. See my reviews of the books cited in this review for similarly detailed analyses.
Dr. Jack Rasmus book, “Central Bankers at the End of Their Rope? Monetary Policy and the Coming Depression is the latest in a growing literature building the case against the U.S. Federal Reserve (the Central Bank of Central Banks), European Central Bank, Japanese Central Bank, The Bank of England, People’s Bank of China, etc.; their unorthodox monetary policy response to the financial crisis; policy response to asset price bubbles, financial (market) crisis (crashes), and recessions since 1995; lack of macro-prudential supervision and oversight; and consistent policy mistakes based on their lack of understanding of how the world and economy works, dating back as far as 1929.Dr. Rasmus builds a methodical case against historical and current central bank ideologies and orthodoxy; and makes prudent and wise recommendations for structural and institutional macroeconomic, monetary policy and political change.The conclusion, is not too late to address the systemic and systematic risks to central banking, regulation and supervision, financial institutions and capital markets, and the real economy and labor markets.However, considering the real economic realities of the current political, party and policy environment, along with the Wall Streets control over monetary (Federal Reserve), fiscal (Treasury) and regulatory (Comptroller/SEC/FDIC/etc.) policy in Washington, that a political solution could actually be accomplished. Dr. Rasmus is correct in his recommendations and his analysis.We are all at the end of our rope, and thank you Dr. Jack Rasmus from bringing another critical analysis of the current and future state of global central banking, and for proposing bold policy recommendations to avert another severe financial crisis, great recession and depression.
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