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The New York Times bestseller from business journalist Christopher
Leonard infiltrates one of America’s most mysterious
institutions—the Federal Reserve—to show how its policies
spearheaded by Chairman Jerome Powell over the past ten years have
accelerated income inequality and put our country’s economic
stability at risk. If you asked most people what forces led to
today’s unprecedented income inequality and financial crashes, no
one would say the Federal Reserve. For most of its history, the Fed
has enjoyed the fawning adoration of the press. When the economy
grew, it was credited to the Fed. When the economy imploded in
2008, the Fed got credit for rescuing us. But here, for the first
time, is the inside story of how the Fed has reshaped the American
economy for the worse. It all started on November 3, 2010, when the
Fed began a radical intervention called quantitative easing. In
just a few short years, the Fed more than quadrupled the money
supply with one goal: to encourage banks and other investors to
extend more risky debt. Leaders at the Fed knew that they were
undertaking a bold experiment that would produce few real jobs,
with long-term risks that were hard to measure. But the Fed
proceeded anyway…and then found itself trapped. Once it printed
all that money, there was no way to withdraw it from circulation.
The Fed tried several times, only to see the market start to crash,
at which point the Fed turned the money spigot back on. That’s
what it did when COVID hit, printing 300 years’ worth of money in
a few short months. Which brings us to now: Ten years on, the gap
between the rich and poor has grown dramatically, inflation is
raging, and the stock market is driven by boom, busts, and
bailouts. Middle-class Americans seem stuck in a stage of permanent
stagnation, with wage gains wiped out by high prices even as they
remain buried under credit card debt, car loan debt, and student
debt. Meanwhile, the “too big to fail” banks remain bigger and
more powerful than ever while the richest Americans enjoy the gains
of a hyper-charged financial system. The Lords of Easy Money
“skillfully” (The Wall Street Journal) tells the
“fascinating” (The New York Times) tale of how quantitative
easing is imperiling the American economy through the story of the
one man who tried to warn us. This is the first inside story of how
we really got here—and why our economy rests on such unstable
ground.
If Science proved how the Universe created itself, what would be
your reaction? It is the turn of the century post World War III and
Detective Mac Dreggar is trying to solve missing person cases
amidst religious upheaval in the backdrop of physics proving how
the Universe created itself. Desperate dying clergymen form a group
called the True Order and discover a method of preserving their
finite existences through a sordid practice known as the Ritual of
the Scraping. A terrifying, but humorous religious satire is
created to show the absurd lengths some people might go to in an
effort to preserve their lives knowing their time is limited in the
absence of an afterlife. Adolescent Mac Dreggar dreams of becoming
a preacher. He is said to have a calling, and his faith gives him
strength in hardship growing up in desolate war-torn Denver, the
old capital of Colorado, now colloquially called "Old Town." The
dazzling 1500 square mile metropolis of Ovestoll seated in the
Rocky Mountains marks the new capital and is colloquially called
"the Ove." These mark two different worlds for Mac as we follow his
journey from adolescence into adulthood, a time when Mac brutally
loses everything that is close to him: his family; his friends; his
church; his home, and his faith in God. We see Mac transform from
devout theist to self-reliant atheist, and from innocent aspiring
preacher to hardened Detective Mac Dreggar Homicide Division of
Ovestoll.
Imagining the Elephant is a biography of Allan MacLeod Cormack, a
physicist who was awarded the Nobel Prize for Medicine in 1979 for
his pioneering contributions to the development of the
computer-assisted tomography (CAT) scanner, an honor he shared with
Godfrey Hounsfield. A modest genius who was also a dedicated family
man, the book is a celebration of Cormack's life and work. It
begins with his ancestral roots in the far north of Scotland, and
then chronicles his birth and early years in South Africa, his
education at the University of Cape Town (UCT) and Cambridge
University, and his subsequent academic appointments at UCT and
Tufts University in Boston, USA. It details his discovery of the
problem at Cape Town in 1956, traces his scientific footsteps all
the way to Stockholm in December 1979, and then extends the odyssey
to his pursuits beyond the Nobel Prize.
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