dianahsieh Posted October 31, 2007 Report Share Posted October 31, 2007 By Diana from NoodleFood,cross-posted by MetaBlog I recently received this e-mail from Jason Head: I am a daily reader of your blog and have been for several years. My question is not philosophical, but I believe that you or your readers may be able to lead me in the right direction. I am looking for an economics and/or investing book which explains in laymen terms what the Federal Reserve does, what it purports to do, and the actual consequences of its actions from a free market perspective. Do you or your loyal readers have any suggestions for reading on this topic? I know almost nothing about the Fed. Does anyone have any suggestions? (Disloyal readers are welcome to chime in too.) http://ObjectivismOnline.com/archives/002951.html Quote Link to comment Share on other sites More sharing options...
K-Mac Posted October 31, 2007 Report Share Posted October 31, 2007 I don't know that much about it either, but I wonder if Greenspan's new book would be helpful? Quote Link to comment Share on other sites More sharing options...
softwareNerd Posted October 31, 2007 Report Share Posted October 31, 2007 I'm not sure what would be the best layman-accessible criticism of the Fed. However, if you want to understand how the Fed sees itself and what it says it does, you could ask them to send you their "free" comic-books. Quote Link to comment Share on other sites More sharing options...
Topliner Posted November 1, 2007 Report Share Posted November 1, 2007 I haven't read it yet, but Monetary Policy in the United States by Richard H. Timberlake seems close to what is wanted. Quoting the back cover: "In this extensive history of U.S. monetary policy, Richard H. Timberlake chronicles the intellectual, political, and economic developments that prompted the use of central banking insttutions to regulate the monetary system." And it says it is written in nontechnical language, too. Quote Link to comment Share on other sites More sharing options...
DarkWaters Posted November 1, 2007 Report Share Posted November 1, 2007 It is difficult to find a very accessible book on a free market perspective on central banking, primarily because it is a pretty technical subject. Nevertheless, if you want an Objectivist's perspective, I recommend Breaking the Banks by Richard Salsman. Although it is manageable, I would say it would be a challenging book to read if you have never read anything else on banking before. In Milton Friedman's more accessible books, such as Money Mischief and Free to Choose, have discussions on monetary policy, which is an indirect discussion on the results of the actions of the Federal Reserve. Murray Rothbard also has a book called The Case Against the Fed, which I imagine will attack the Federal Reserve from an Austrian perspective. While I certainly condemn Rothbard's Market Anarchism, his economic writing might still be good. However, unlike the other books mentioned, I have not read this one. The others are definitely good reads. Brian Simpson also has a very good course called "Money, Banking and the Business Cycle", which is available from the Ayn Rand Bookstore. The course is very accessible to laymen. If I am not mistaken, Dr. Simpson is presently writing a book on this topic. I am confident that it will be an excellent primer on the subject from an Objectivist perspective. I hope that this helps! Quote Link to comment Share on other sites More sharing options...
Galileo Blogs Posted November 1, 2007 Report Share Posted November 1, 2007 I have read the Timberlake book. It is very interesting, but it is not for laymen. There is way too much detail there. Some of the other books recommended are better choices. However, they are still a bit technical. I do not know of one that explains the impact of Fed policy well in layman's terms. Quote Link to comment Share on other sites More sharing options...
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