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.

Lord and Hanners both describe a way of life that demanded toughness - stoicism, commitment, and humor when possible - but their recollections take an interesting counterpoint. Following the branding and castration of a thousand young bulls, Lord insists that the entire town came with buckets to carry the testicles home - "They were really meat hungry." Hanners insists, however, that cooking and eating mountain oysters was "strictly a masculine endeavor," pursued by the men after the women had vacated the kitchen. When Lord matter-of-factly describes being left alone at a young age to trail cattle in Indian Territory, Hanners observes that "sixteen seems pitifully young to be so far away front home, broke and hungry," while agreeing that necessity often required such things.

* “We see through this book the immense power of language…to change the minds of lawmakers and tourists alike.” —The New York Times Book Review * “A poignant portrait of an era when mere words could change the world.” —San Francisco Chronicle * The dramatic and uplifting story of legendary outdoorsman and conservationist John Muir’s journey to save Yosemite is “a rich, enjoyable excursion into a seminal period in environmental history” (The Wall Street Journal). In June of 1889 in San Francisco, John Muir—iconic environmentalist, writer, and philosopher—meets face-to-face for the first time with his longtime editor Robert Underwood Johnson, an elegant and influential figure at The Century magazine. Before long, the pair, opposites in many ways, decide to venture to Yosemite Valley, the magnificent site where twenty years earlier, Muir experienced a personal and spiritual awakening that would set the course of the rest of his life. Upon their arrival the men are confronted with a shocking vision, as predatory mining, tourism, and logging industries have plundered and defaced “the grandest of all the special temples of Nature.” While Muir is devastated, Johnson, an arbiter of the era’s pressing issues in the pages of the nation’s most prestigious magazine, decides that he and Muir must fight back. The pact they form marks a watershed moment, leading to the creation of Yosemite National Park, and launching an environmental battle that captivates the nation and ushers in the beginning of the American environmental movement. “Comprehensively researched and compellingly readable” (Booklist, starred review), Guardians of the Valley is a moving story of friendship, the written word, and the transformative power of nature. It is also a timely and powerful “origin story” as the towering environmental challenges we face today become increasingly urgent.

Appendices accompany vols. 64, 67-71.