Inside the Fed

I enjoyed this book, which is written by Stephen Axilrod and has the subtitle Monetary Policy and Its Management, Martin Through Greenspan to Bernanke.

I liked this part:

John Ehrlichman's arrival toward the end of our visit was the main event, unadvertised as it had been.  He had something very definite to say to us.

His speech went something like this: "When you gentlemen get up in the morning and look in the mirror while you are shaving, I want you to think carefully about one thing.  Ask yourselves, "What can I do today to get the money supply up?"  That was it; that was why we were there — not to explain, but to hear.

p.167 has an interesting (though not quite accurate) discussion of what distinguishes some top economics scholars from obsessive-compulsives.


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