Limitless
The Federal Reserve Takes on a New Age of Crisis
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Limitless
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Narrated by:
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Barrie Kreinik
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Jeanna Smialek
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Written by:
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Jeanna Smialek
About this listen
AN NPR BEST BOOK OF THE YEAR • This fascinating deep dive into one of the most powerful and least understood American institutions—the Federal Reserve—is “a riveting narrative...[and] an invaluable guide to the monetary policy debates of the last few years" (Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance).
“The best book on the Fed in our time and a model of financial writing.”–Kirkus
The marble halls of the Federal Reserve have always held secrets; for decades the Fed did the utmost to preserve its room to maneuver, operating behind the scenes as much as possible. Yet over the past two decades, this elite world of bankers and economists speaking a language that only monetary experts could understand has been forced to change its ways. Amid rising inequality, weakening global economic prospects, and a pandemic, the central bank has entered into a new era of transparency and activism that has changed its role in modern society in subtle but remarkable ways.
Limitless tells the inside story of this deeply impactful transformation, and what it means for ordinary Americans. Focusing on characters such as the Fed chairman Jerome Powell; the Vice Chair for Supervision Randal Quarles; Vice Chair Lael Brainard; the Minneapolis Fed president Neel Kashkari; and the long-ago Fed Chair Marriner S. Eccles—and driven by the rising tension between Main Street and Wall Street—this is a thrilling account of the modern Fed’s inner workings during a crucial inflection point in history.
©2023 Jeanna Smialek (P)2023 Random House AudioWhat the critics say
"In the thick of the inflation battle, it is tempting to emphasise the Fed’s missteps. Limitless is a useful corrective. [Smialek] provides a bracing account of just how badly things could have turned out when covid shutdowns led millions to lose their jobs overnight—and pushed the financial system to the brink of collapse....An intellectual shift had persuaded officials that they could let the labour market run hotter than once believed without triggering an inflationary spiral....Smialek paints nicely textured portraits of the main participants in these debates." —The Economist
“In Limitless, Jeanna Smialek has crafted a riveting narrative of some of the most astounding few years in the history of the Federal Reserve, a period like no other, during which the economy went from boom to bust and back again, in which the Federal Reserve found itself swinging from one goal to another—first employment, then preventing a collapse of the financial system, and finally to curbing inflation—all the while being battered by criticisms from all sides. As well as being a fascinating read, the book is an invaluable guide to the monetary policy debates of the last few years.” —Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance
"In this engaging and highly-readable-book, Jeanna Smialek provides penetrating insights on a matter that affects us all: the Federal Reserve’s evolution in the face of a fluid global economy, fragile finance, and a changing America. Through the eyes of Marriner Eccles, a giant in Fed history, Smialek reminds us that central banking rests on a delicate mix of historical foundation and continuous experimentation. This book is about much more than the Fed’s tricky trade-offs between Main Street and Wall Street, accountability and independence. It is a must-read book for all those wishing to understand how an often-mysterious institution has ended up having such a disproportionate impact on so many economic, financial, political and social matters. —Mohamed A. El-Erian, President of Queens’ College, Cambridge University and best-selling author of The Only Game in Town