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Book Review On Secrets Of The Temple, By Willian Greider. An Interesting And Hefty (700+ Page)Book On The Inner Workings Of The Federal Reserve.

888 words - 4 pages

Secrets Of The Temple, by Willian Greider, investigates the inner workings of the United States Federal Reserve; the central banking system, established by the Federal Reserve Act of 1913. The author, William Greider, attempts to demystify this small but very powerful entity in our lives. He defines the Federal Reserve as a group of twelve regional banks, supervised by the Federal Reserve Board; the Board of Governors of the Federal Reserve System, composed of seven members appointed by the president. One of these governors is appointed chairman and though all these members are appointed for fourteen-year terms by the president, there is no provision to remove any member. Essentially, by controlling the credit market, the Federal Reserve System influences the nation's economic life. It can expand or contract the money supply by buying or selling U.S. securities and by raising or lowering reserve requirements (the amount that member banks must set aside as reserves). The Federal Reserves Open Market Committee directs purchases and sales by the reserve banks of U.S. government securities in the open market. The most important duties of the Federal Reserve authorities involve the maintenance of national monetary and credit conditions through lending to member banks, open-market operations, fixing reserve requirements, and establishing discount rates. In a sense, each Federal Reserve bank is a "banker's bank," with member banks using their reserve accounts much as bank depositors use their checking accounts.The author follows the economic conditions of the Carterthrough Reagan Administrations. Paul Volcker was appointed as chairmanof the Federal Reserve and attempted to correct the economy by man-ipulating the money supply sending it through a volatile up and downroller-coaster. The author shows how the Federal Reserve, though it hassome contact with Washington, makes it's own monetary policy. The titleof this book performs the analogy of the few templed priests in theirinner sanctum governing control over the masses.The author depicts the workings of the Federal Reserve Systemwith emphasis on the power of the Federal Reserve Reserve Chairman asbeing the second most important person in the United States. Thissystem, consisting of 12 Federal Reserve Banks and supervised by theFederal Reserve Board, has broad regulatory powers over the moneysupply and the credit structure.William Greider claims that the Federal Reserve, under chairman PaulVolker attempted to halt inflation, beginning in 1979, by deliberatelythrusting the nation into a punishing thirty-three month recession.Whether it was managing the nation's money supply, shaky banks orattempting to restructure LDC's (less develeped countries)debt, theFederal Reserve under Volker consistently opted for policies thatfavored lenders over debtors, large banks over small, the minority overthe majority and the rich over the poor.I found it interesting that the author used the metaphor of a"pump house" in...

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