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Who Needs the Fed?: What Taylor Swift, Uber, and Robots Tell Us About Money, Credit, and Why We Should Abolish America's Central Bank Hardcover – May 24, 2016
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"It's not far into John Tamny's Who Needs the Fed? that you realize all of your preconceived notions about the Federal Reserve need to be tossed out the window and forgotten. Instead, markets rule over opaque Fed pronouncements and analysis of the scribblings in monthly Fed Minutes. All investors should read this book."
Andy Kessler, author of Wall Street Meat and Eat People
"Like a blazing sun melting away a dangerously thick fog, this delightfully written, well-argued, and insightful book clears away disastrous misconceptions about money, credit, and the operations of the Federal Reserve. It will become one of the most enormouslyand positivelyinfluential treatises of our time."
Steve Forbes, Editor-in-Chief, Forbes Media
"In the best tradition of Henry Hazlitt and Robert Bartley, Tamny’s book offers a provocative yet principled new look at the role of credit in today’s economy. Properly equating credit” with an economy’s resources, Tamny systematically debunks the case for government or central bank efforts to increase credit."
David Resler, former chief economist, Nomura Securities
"Tamny is a brilliant and insightful writer whose provocative style will stretch your intellectual bandwidth and force you to see the world in a new way."
Anthony Scaramucci, host of Wall Street Week”
"John Tamny makes a strong case that the Fed never had as much influence as either its supporters hoped or its critics fearedand that what power it had in the past is today fast diminishing. In the process, he offers iconoclastic dismissals of popular macroeconomic constructs including money supply, the multiplier, the Phillips curve, the Laffer curve, banks, stimulus, and quantitative easing."
Cliff Asness, founding principal, AQR Capital Management
"John Tamny has written an easy-to-read and crucial-to-know overview of the Federal Reserve today, showing how the well-intentioned actions of central bankers in fact hurt our long-term economic potential. Who Needs the Fed? is an outstanding work of contrarian common sensea must read."
Tom Adams, former CEO of Rosetta Stone, CEO, Workaround LLC
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If the Fed then is this significant, it should be of at least some passing interest to see behind the wizard’s curtain and have explained to us why we’re possibly making the decisions we’re making in the next several minutes. It’s “mind control” no one escapes, not the 99%, not the 1%; and yet we can’t cut our marrionetttist’s strings, although, the string master, or svengali, can surely be retired.
While Who Needs the Fed may exculpate, it steers away from stridency or conspiracy mongering. It’s a remarkably warm and fuzzy book—if the term may be applied to a book built on facts and reason.
This author’s unenviable task seems to be to call out within the deafening agitation of the casino, that the game is rigged, and that we may consider a nobler calling than to double down in just figuring out how to stay in the pit boss’ tangle in order to survive another day. To be sure, it may be fun while you can keep finding some advantage, but wouldn’t we like a more upright way to organize growth and wealth creation than one founded on the wheel and deal of the house? In Mr. Tamny’s genteel sturm und drang we find it.
From page 21 of the book:
“As opposed to situations to avoid, ‘recessions’ are the market’s way of making sure that the allocation of resources to the Brady Hokes (former Michigan Football Coach) of the world ceases.” “So, when we hear about central bankers working to blunt healthy market activity through credit ‘ease,’ we should quickly conclude that rather than expanding credit, they’re at best destroying it.”