Central Banking

Photo credit:  Federal Reserve.


central Banking

These resources explore moral and ethical problems found primarily in the American financial system. They highlight God’s creation order and its meaning as God’s vision for relationships between human beings, and also between human beings and the created world.

Books and Articles on Central Banking

William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country (Amazon book, 1987)

Alan Greenspan, Gold and Economic Freedom (youtube video, Aug 14, 2011) explores how central bank inflation fuels the growth of the welfare-warfare state; contrast with Noam Chomsky, The Federal Reserve (2013) who takes a more moderate position on central banking but critical view of Republican strategy

Jeremy Corbett, The Federal Reserve Bank Conspiracy Explained - Century of Enslavement (Top Documentary Films, Dec 2, 2014) a 90 minute documentary

Ben Swann, 100 Years of the Federal Reserve (Truth in Media, Dec 19, 2013)

Neil Irwin, The Federal Reserve Was Created 100 Years Ago.  Here's How it Happened (Washington Post, Dec 21, 2013)

Matthew Yglesias, Ben Bernanke's Biggest Mistake (Slate, Feb 24, 2014)

Matthew O'Brien, How the Fed Let the World Blow Up in 2008 (The Atlantic, Feb 26, 2014)

Yanis Varoufakis, Ancient Greece and the Political Nature of Money (youtube video, Nov 7, 2014) links debt to regimes hiring labor extracting resources (food) from land, thus creating money

Paul Langley, Liquidity Lost: The Governance of the Global Financial Crisis (Amazon book, 2015) is not a Christian author that I know of, but this book is invaluable as a record of how Anglo-American bankers and politicians defined the financial crisis of 2008. They defined it in terms of liquidity with regards to themselves (to which the answer was "quantitative easing"), but in terms of risk of default with regards to Greece (to which the answer was "austerity"). This suggests that some people get to define problems and solutions for political reasons, where the labeling of the crisis already prescribed a solution, and how the labeling favored Anglo-Americans and crippled everyone else; this is an excellent study in cultural anthropology; see also book review by Sarah Hall (Journal of Cultural Economy, Jul 2015) and Journal of Cultural Economy. 

Nomi Prins, All the Presidents' Bankers: The Hidden Alliances that Drive American Power (Amazon book, Mar 24, 2015)

Olle Kullberg, How Money from the Fed Ends Up in China (AuZterity blog, Apr 17, 2015)

Adam Davidson, You're Not Supposed to Understand the Federal Reserve (NY Times, Oct 20, 2015)

Lawrence Jacobs and Desmond King, Fed Power: How Finance Wins (Amazon book, Apr 2016)

Ted Mellnik, Darla Cameron, Denise Lu, Emily Badger and Kat Downs, American's Great Housing Divide: Are You a Winner or a Loser? (Washington Post, Apr 28, 2016)

Yanis Varoufakis, And the Weak Suffer What They Must? (Talks at Google, Apr 29, 2016)

John Coumarianos, The Fed Has Fueled Inflation - And It's Helping the Rich (MarketWatch, May 23, 2016)

Yanis Varoufakis and Noam Chomsky (NYPL, Apr 26, 2016) on Greek debt, economic theory, the EU

Anonymous News, Politician Exposes Central Bank Scam (Anonews, Jul 18, 2016)

Gary Gordon, Quantitative Failure: Is The Faith In Central Bank Omnipotence Fading? (Seeking Alpha, Aug 19, 2016)

Chris Arnold, Federal Reserve Chair Throws Cold Water On Trump's Economic Plan (NPR, Nov 17, 2016)

Matt Stoller, Federal Reserve Bankers Mocked Unemployed Americans Behind Closed Doors (The Intercept, Jan 27, 2017)

Alice Salles, Saudi Arabia, Yemen, and What You’re Not Being Told About Trump’s Travel Ban (Anonymous, Feb 1, 2017) Nixon's petrodollar deal with Saudi Arabia

Judy Shelton, Currency Manipulation Is a Real Problem (WSJ, Feb 13, 2017) What’s the point of free-trade deals if governments can wipe out the benefits with monetary maneuvers?

Sharmini Peries and Michael Hudson, Finance as Warfare: The IMF Lent to Greece Knowing It Could Never Pay Back Debt (Counter Punch, Feb 21, 2017)

Cato Institute, Central Banks and Financial Turmoil (Cato Institute, Spr-Sum 2017)

Jörg Guido Hülsmann, The Cultural Consequences of the Federal Reserve (Mises Institute, Jun 1, 2017) inflation incentivizes indebtedness

Helena Smith, Greek Debt Crisis: ‘People Can’t See Any Light at the End of Any Tunnel’ (The Guardian, Jul 30, 2017); see also Michelle Jamrisko & Catarina Saraiva, These Are the World’s Most Miserable Economies (Bloomberg, Feb 14, 2018) and Aristides Hatzis, Greek Crisis (website)

Josh Bivens and Jordan Haedtler, Impressive, Incomplete, and Under Threat (Economic Policy Institute, Aug 3, 2017)

Nomi Prins, Collusion: How Central Bankers Rigged the World (Amazon book, May 1, 2018)

NY Times Editorial Board, Fed Makes a Risky Bet on Banks (NY Times, Jun 1, 2018) on loosening Dodd-Frank and debt-limits

Cezary Podkul, Gabriel Gianordoli, Jess Kuronen, Tyler Paige, Peter Santilli and Hanna Sender, Fed 10 Years After the Crisis (Wall Street Journal, Mar 27, 2018)

Karl Smith, The Uses and Abuses of Modern Monetary Theory (National Review, Jan 11, 2019) a view from the Niskanen Institute

Apples and Dragons, Game of Thrones Season 8 Prediction - The Iron Bank Debt (Apples and Dragons, Jan 19, 2019) an intriguing parallel in the fictional story Game of Thrones about the power of banks and debt on politics, war, spying, and diplomacy

Mike Shedlock, Ben Bernanke - The Father of Extreme US Socialism (FX Street, Mar 4, 2019) summarizes an article by David McWilliams in Financial Times that quantitative easing inflated assets for baby boomer homeowners and left millenials, who generally did not own assets, even worse off

Trevor Noah, Rutger Bregman - “Utopia for Realists” and Big Ideas for an Equitable Economy (The Daily Show, Mar 16, 2019) gives a very interesting anecdote about strikes: garbage collectors go on strike and mass panic ensues; bankers went on strike once and no one cared; telling, perhaps

Josh Hammer and Todd J. Stein, The Real Reason for Income Inequality? The Fed (Fortune, May 2, 2019) “the real reason for” is an oversimplification, but certainly “a major contributor to.” Income inequality existed in Isaiah 58 and James 5 without central banking.

Chris Miller, The Fed Is Trump’s Secret Ally in the Trade War (Foreign Policy, Jun 10, 2019) “By lowering interest rates, the body is cushioning the blow of tariffs and convincing the president that they are working”

Adam Tooze, Why Central Banks Need to Step Up on Global Warming (Foreign Policy, Jul 20, 2019) contains a chart of weather-related loss expenses, and faults the U.S. Fed for being slower than other central banks

Laurie Garrett, The World Bank Has the Money to Fight Ebola But Won’t Use It (Foreign Policy, Jul 22, 2019) “In Congo, thousands of people have died due to a misguided finance-driven approach to fighting pandemics that puts investors before victims.”

William D. Cohan, Only the Fed Can Save Us (NY Times, Aug 31, 2019) ‘In large part, the explosion of debt issuance has been driven by central-bank policies that have kept interest rates at historically low levels, in effect rewarding entities for issuing more and more debt. Interest payments on corporate debt are tax deductible, in most jurisdictions. We live in a world awash in debt. But that’s the risk we can see. There is plenty of additional risk hiding in the undisclosed obligations of private companies and in the “shadow banking system,” nonbank financial institutions that have sprung up in the past decade to hold the risk that the Federal Reserve insisted, after the 2008 financial crisis, that Wall Street avoid. So what would happen if interest rates did increase slightly, or if the economy dipped into a recession, and some of those overleveraged companies could no longer meet their interest payments? It wouldn’t be pretty.’ 

Christian restorative justice, Banking, and Finance: topics

Christian restorative justice critique of the right: domestic policy topics

Christian restorative justice critique of the right: philosophical influences