Showing posts with label federal reserve. Show all posts
Showing posts with label federal reserve. Show all posts

How The World Really Works Review

How The World Really Works
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How The World Really Works ReviewI am going to put my reputation on the line, and the 850+ non-fiction books I have read that make me the #1 Amazon reviewer for non-fiction (and to my great surprise, today #49 over all fiction, movies, music, and software as well as non-fiction) for the simple reason that too many people discuss books such as this by labeling it "conspiracy theory."
It's not a conspiracy theory if it is true. I will try to be brief as well as illuminative.
First off, the author has culled a handful of books that support his case against a global financial elite, and these tend, with the exception of the Quigley book, to be left of left of center. I am however happy to add a number of books that support his essential theses that a handful of banking families control the central banks which are NOT government banks, and through loans, control governments, impoverish the middle class, and harvest profit without conscience from the "working poor."
Try these on for size:
1) Confessions of an Economic Hit Man by John Perkins. 85% rock solid, 15% flakey, but in my view, a perfectly reasonable slam on the World Trade Organization and the International Monetary Fund as instruments for impoverishing lesser developed countries, not empowering them.
2) The End of Poverty: Economic Possibilities for Our Time by Jeffrey Sachs, another slam on the WTO/IMF, which he relegates to third rate out-dated economist ranks, not at all focused or able to achieve what he calls "developmental economics."
3) The Global Class War: How America's Bipartisan Elite Lost Our Future - and What It Will Take to Win It Back by Jeff Faux, a fine discussion of how our elites bribe the elites in other countries, and the both screw the public by looting the commonwealths of gold, oil, etcetera, without returns to the people whose families have lived on top of these resources for centuries.
4) Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It, by Paul Peterson of the Council of Foreign Relations (which the author hates, in my view it has two types of members--one manipulative like Henry Kissinger, another honest, like Paul Peterson), in which both the Republican and the Democratic parties are lambasted for being the ignorant slaves of the ultra-rich elites, and hopeless out of touch with reality and unable to represent We the People.
5) War Is a Racket: The Anti-War Classic by America's Most Decorated General, Two Other Anti=Interventionist Tracts, and Photographs from the Horror of It by General Smedley Butler, the highest decorated Marine of his time, who complained about being an enforcer for banks and businesses that lent money to the Third World then sent the Marines to get it back for them.
There are many other books that support this author's book reviews in great detail and from many varied perspectives. I refer you to my various lists, including the list on "Screwing the 90% that do the work."
The author has some pretensions and some slop, his arguments are not always consistent, but then neither are mine. On balance I regard this book as a first rate personal effort that should be read by every middle class person wondering, as Lou Dobbs on CNN has wondered, why we are exporting middle class jobs and importing poverty in the form of illegal aliens.
The author wraps up his varied reviews with a focus on the relationship between organized crime and the super-elite as well as their political elite (e.g. the Bush family, the best of the servant class), and on the relationship between drugs, covert operations, and Wall Street. Here again the author draws on a very tiny sub-set of books while not listing many others that support his thesis so I will mention a few here.
Having been through both Viet-Nam as a youth and the Central American Wars as an adult, I am quite certain that there are at least four different slices of the Central Intelligence Agency (CIA) where I served for ten years as a clandestine case officer:
A small slice does what the White House wants, including black bag jobs.
A small but more important slice does what Wall Street wants, and helps Wall Street with access to financially relevant information that the public which pays for the CIA does not get. Buzzy Krongard, until recently Executive Director of the CIA, comes to mind as the most recent leader of this section.
A larger slice, that does covert action off the books with funding from Saudi Arabia and others, sometimes called the Safari Club, sometimes having off-shoots like Ted Shackley's Southern Air Transport, and so on. This slice can provide the intersection between criminal activities, white collar crime profits, illegal White House activities, and plain profiteering.
Finally, 90% of the CIA, folks like me that did not realize they were simply going through the motions and giving the local counterintelligence service a full-time rabbit to follow while the commercial clandestine boys and girls looted the bank in bright daylight.
I have two intelligence lists that can be helpful here, but I have not focused on creating crime lists. I'll just say that between the books on the The Working Poor: Invisible in America and on being Nickel and Dimed: On (Not) Getting By in Americaand books on immoral predatory capitalism and unilateral militarism of the Dick Cheney variety (I have compiled a list of 25 specific impeachable actions by Dick Cheney based on three books:
The One Percent Doctrine: Deep Inside America's Pursuit of Its Enemies Since 9/11
Vice: Dick Cheney and the Hijacking of the American Presidency
Crossing the Rubicon: The Decline of the American Empire at the End of the Age of Oil
There is a very clear-cut and direct relationship between dictators, transnational organized crime and terrorism, and Wall Street as well as the Republican and Democratic National Committees (see Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It)
That reminds me: there is an entire literature on petroleum, peak oil, petrodollars, and so on. Americans have been betrayed by their government since at least 1975, and more likely, back to the 1950's when naiveté about international affairs was replaced by active complicity.
Good news. 1) Internet leveled playing field. 2) Not enough guns to kill us all. 3) A few of the really rich have realized they need to help us create infinite wealth for ourselves, or lose all they have to locusts. Read, be vocal, be active, we're going to get a grip on our commonwealth soon.
Tip of the Hat to Jere for the following added links:
When Corporations Rule the World
The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. a. Hayek)
Money Masters of Our Time
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Secrets of the Temple: How the Federal Reserve Runs the Country Review

Secrets of the Temple: How the Federal Reserve Runs the Country
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Secrets of the Temple: How the Federal Reserve Runs the Country ReviewOne might think of William Greider's "Secrets of the Temple: How the Federal Reserve Runs the Country" as "Central Banking for Poets." If you've ever scratched your head in wonder when reading how Alan Greenspan and the Fed have "lowered interest rates" or are "easing monetary policy," this book will be extremely enlightening and well worth the time it will take you to plow through all 700 plus pages. If (like me) you majored in economics, you'll be surprised how much better Greider is in explaining arcane economic theory than your college professors (and you'll probably learn -- or re-learn -- quite a bit in the process).
The focal point of the book is the celebrated and controversial tenure of Federal Reserve Chairman Paul Volker (1979-1987), but the mechanics of central banking so clearly and concisely explained are just as much applicable today as in 1980 - or 1950 for that matter.
Greider divides the book into three more-or-less equal thirds. The first covers the inflationary surge of the 1970s, Carter's tenuous decision to appoint Volker, and Volker's radical move of abandoning the control of interest rates in favor of controlling the nation's money supply. (In other words, a shift from the Keynesian orthodoxy dominant in the post-War period in favor of a monetarist approach more in line with the theories of the iconoclastic economist Milton Friedman.) The second, and most informative third provides an historical overview of central banking and its development in the United States. For those solely interested in a better understanding of central banking and the US Federal Reserve in particular, this book will be worth your while even if you only read this middle section. The final third deals with Volker's punishing monetary policy during the early 1980s, as he attempted to destroy lingering anticipation of inflation and the incredibly simulative effects of the Reagan era federal deficits and tax cuts.
Greider is highly critical of Volker's performance as Fed chairman. In short, he argues that far from being the independent and benevolent Shepard of the economy it often claims to be, the Fed, in practice, is beholden to its most powerful constituency: the major money-center financial institutions (i.e. Citibank, Bank of America, etc.). Traditional central bankers view combating inflation as their primary professional objective, which tends to favor creditors at the expense of debtors. Grieder suggests that in waging war on inflation the Fed in effect was waging war on the millions of ordinary Americans struggling to make end meets and keep their heads above water.
Whether you agree with his conclusions or not, Greider's "Secrets of the Temple" is exhaustively researched, expertly written, and extremely enlightening.Secrets of the Temple: How the Federal Reserve Runs the Country Overview

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The Little Book of Economics: How the Economy Works in the Real World (Little Books. Big Profits) Review

The Little Book of Economics: How the Economy Works in the Real World (Little Books. Big Profits)
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The Little Book of Economics: How the Economy Works in the Real World (Little Books. Big Profits) ReviewGreg Ip's Little Book of Economics frames current economic issues in an
easy to read and understandable fashion. It combines economic theory
with real world conditions. Ip provides context to the credit market
crisis, the Great Recession, and to the painfully high unemployment of
recent years. The book also explains in a non-technical fashion the role
of the Federal Reserve, the factors that are considered in the
formulation of policy, and the many unconventional policies of the
Federal Reserve employed during the crisis. I have assigned this book to
my Money & Banking class at Rutgers as a complement to the regular text.
Feedback from the students has been uniformly favorable. I strongly
recommend The Little book of Economics for those with an interest in
connecting the dots between theory and practice, for students who
are looking for purpose in economic theory, and for the more general
reader looking for the forest beyond the financial news trees.
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