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Should Congress control the Federal Reserve?

In: The Political Economy of Central Banking

Author

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  • Robert Pollin
  • Gerald Epstein

Abstract

How the "Federal Reserve Runs the Country" is both the subtitle and central vision motivating Williams Greider's book on recent U.S. political and economic history, Secrets of the Temple. In case the book's viewpoint is not sufficiently clear from its title page, Greider asserts his thesis even more strongly in the first chapter: "The Federal Reserve decided the largest questions of the political economy 'during the years of Paul Volcker's chairmanship,' including who shall prosper and who shall fail." Greider's contention that U.S. financial travails can be traced to the unrepresentative and insulated club of bankers running the Federal Reserve is widely accepted by radical economists.

Suggested Citation

  • Robert Pollin & Gerald Epstein, 2019. "Should Congress control the Federal Reserve?," Chapters, in: The Political Economy of Central Banking, chapter 22, pages 527-533, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18820_22
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    Economics and Finance;

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