New York: Encounter Books, 2016. First American Edition [stated], Presumed First printing. Hardcover. xviii, 202,  pages. Notes. Index. Foreword by Rob Arnott. John Tamny is vice president at FreedomWorks, and director of its Center for Economic Freedom. He’s also editor of RealClearMarkets, and senior economic adviser to mutual fund firm Applied Finance Group. Past books by Tamny include Popular Economics (Regnery, 2015), a primer on economics, Who Needs the Fed? (Encounter, 2016), about the central bank’s onrushing irrelevance, The End of Work (Regnery, 2018), which discusses the exciting evolution of jobs that don’t feel at all like work, and They’re Both Wrong: A Policy Guide for America's Frustrated Independent Thinkers (AIER, 2019). Robert D. Arnott (born June 29, 1954) is an American entrepreneur, investor, editor and writer who focuses on articles about quantitative investing.
He is the founder and chairman of the board of Research Affiliates, an asset management firm. Arnott has published over 130 academic papers in refereed journals. Topics of these papers have included the following: mutual fund returns, the equity risk premium, tactical asset allocation, and alternative index investing. The Federal Reserve is one of the most disliked entities in the United States at present, right alongside the IRS. Americans despise the Fed, but they're also generally a bit confused as to why they distrust our central bank. Their animus is reasonable, though, because the Fed's most famous function targeting the Fed funds rate is totally backwards. John Tamny explains this backwardness in terms of a Taylor Swift concert followed by a ride home with Uber. In modern times, he points out, the notion of credit has been perverted, so that most people believe it's money and that the supply of it can therefore be increased. This false notion has aggrandized the Fed with power that it can't possibly use wisely. The contrast between the grinding poverty of Baltimore and the abundance of Silicon Valley helps illustrate the problem, along with stories about Donald Trump, Robert Downey Jr., Jim Harbaugh (the Michigan football coach), and robots. Who Needs the Fed? makes a sober case against the Federal Reserve by explaining what credit really is, and why the Fed's existence is inimical to its creation. Readers will come away entertained, much more knowledgeable, and prepared to argue that the Fed is merely superfluous on its best days but perilous on its worst. Condition: Very good / Very good.
Keywords: Federal Reserve, Taylor Swift, Jim Harbaugh, Urban Meyer, Pete Carroll, Hollywood, Silicon Valley, Donald Trump, Ben Bernanke, Hillary Clinton, Warren Buffett, Fracking, Crony Credit, Wall Street, Quantitative Easing, Money Supply, Robot