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on May 20, 2014
Of the things you will understand after reading this (long) book, one is: how the President is rarely much of a contributing factor when it comes to interest rates, amount of money in circulation, or inflation/deflation moves. Jimmy Carter is most well known for the high interest rates and the results of this - during his administration, when, on closer examination, the poor guy was unable to influence the Fed - who is, has been, and will be, in actual charge of our economy: The cost of money and the flow of money dictate everything!. PS: You may want to read some of the books written on Greenspan, to further appreciate this.
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on March 8, 2015
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on October 8, 2014
Shows the mentality of a monetarist. It gives the thinking behind the economic mess we're in now.
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on January 21, 2015
Book was delivered in good condition. Thank you!
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on February 26, 2015
It's a great book.
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on November 27, 2014
Thanks, Quick Shipping
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on March 9, 2010
"Secrets of the Temple" is an interesting book written by a very good writer, William Greider. Although it was published more than 20 years ago, he makes points that are somewhat relevant today. The book is largely about the Federal Reserve Board (or "FED") under chairman Paul Volcker from 1979 to 1987 although there is a good deal of history on the FED prior to Volcker's appointment as chairman by President Jimmy Carter.

Greider is a classic populist, in the sense he reveres the populists of the late 19th century, who fashioned themselves as champions of the (largely agricultural) producers of the era against the creditor classes, the moneyed interests. Much of this analysis of the issues in this book (and others he has written) is grounded that same populist class cleavage. Although populism often appeals to the baser instincts of the masses, Greider tries to give it an intellectual veneer, but in the end, the reader is struck with the same contradictions. Greider bucks conventional wisdom by suggesting the inflation that gripped the 1970s was a net plus, since he saw it as an economic leveler, much as the classic populists of the 19th century saw it. As inflation pushes up the nominal incomes of borrowers it lowers the real value of their fixed debt obligations. There are some serious problems with this view, which Greider doesn't bother to address. First, the benefit of an outburst of inflation accrues to the last set of borrowers before inflation begins, since interest rates shoot up and future borrowers have to seek credit with potential creditors based on expectations of higher inflation. The second, perhaps bigger, problem is once inflation is unleashed it is hard to control. Inflationary expectations can accumulate, if price increases of 10 percent a year are acceptable, what about 20 percent? Or 50 percent? At some point, inflation can cause real economic upheaval and I'm unaware of any society that progressed during a period of hyperinflation.

Greider also gives the FED more credit than it probably deserves. He suggests every post-WWII recession was caused by the FED employing tight monetary policies (high interest rates or unwillingness to lend to banks). The business cycle existed before the Federal Reserve and, at best, the FED has an impact and probably did deliberately trigger a recession in early 1980, however, many other factors come into play in the real world. The recessions of early 1990s and 2001 were hardly triggered by the FED and the most recent recession that began in late 2007 wasn't the result of tight monetary policy but rather, if anything, the opposite, excessively loose monetary policy in middle of the decade.

For the other side of the story, read Robert Samuelson's The Great Inflation and Its Aftermath: The Past and Future of American Affluence
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on July 27, 2014
Good price fast delivery
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on June 23, 2002
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.
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on December 21, 2011
This book has over 700 pages of very detailed information about the Federal Reserve in relation to how our country is controlled economically. If you like "unrevised" 19th century American history, you'll appreciate this book, but it is not one that you'll read in one evening.
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