Has the Federal Reserve Broken the U.S. Economy?

Inflation outbreaks always focus people’s minds on central banks. In the Federal Reserve’s case, our present inflationary times are no exception. From that standpoint, Christopher Leonard’s The Lords of Easy Money: How the Federal Reserve Broke the American Economy could not be better timed. It amounts to a sustained critique of an institution that, by Leonard’s reckoning, has well and truly lost its way and, to make matters worse, both reflects and embodies the deep dysfunctionality that characterizes the making of economic policy in America today.