“The Lords of Easy Money” by Christopher Leonard delves into the inner workings of the Federal Reserve and its impact on the American economy. Leonard explores how the Fed’s policies, particularly quantitative easing, have contributed to income inequality and financial instability. The book highlights the Fed’s radical intervention in 2010, which quadrupled the money supply with the goal of encouraging banks to extend more risky debt. Leonard also examines the long-term consequences of these policies, including the growing gap between the rich and poor, high corporate debt, and the vulnerability of big banks. The narrative follows the story of Thomas Hoenig, a former Federal Reserve official who warned about the risks of these policies.
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