The Global Curse of the Federal Reserve: How Investors Can by Brendan Brown (auth.)

By Brendan Brown (auth.)

This revised version bargains the main updated suggestion for traders who desire to safeguard themselves, or maybe make a make the most of, the blighted rules of the Federal Reserve. Dr. Brown demonstrates how disordered US financial coverage motives waves of financial destruction round the globe.

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Extra info for The Global Curse of the Federal Reserve: How Investors Can Survive and Profit From Monetary Chaos, 2nd Edition

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Before being appointed to the chair of the Federal Reserve in 1951 by President Truman, his career had included episodes as a top securities regulator, as President of the Export–Import Bank and as top monetary official in the Treasury under the Truman Administration. Meltzer describes Martin as having an intuitive and practical sense to ‘lean against the wind’. This meant tightening monetary policy when inflation rose or a balance of payments crisis threatened (meaning a loss of gold). As Martin put it, the art of the central banker was to take away the punchbowl just when the party was going well.

Strong’s presumption was that Great Britain, the ‘leader of the orchestra’ in the world of the pre-1914 gold standard, would ‘return to gold’ at its pre-war parity (in fact, a return to the pre-war dollar-to-sterling parity with the pound no longer convertible into gold coin), even though in terms of purchasing power parity, that would mean that sterling would now be expensive versus the dollar. The hope was that a sharp decline in British prices would eliminate that overvaluation. A tightening of UK monetary conditions on the scale required, however, never materialized.

Benjamin Strong or Paul Warburg had never cast themselves as monetary experts who could in a moment devise the rules of monetary stability to restore order from chaos. No longer were there automatic rules determining the growth of the monetary base (at the level either of all countries participating in the gold standard or of the USA, where gold inflows or outflows would determine differences from the global rate of monetary base expansion). No current central banker had proposed any alternative anchor for the US monetary system.

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