The book reveals how the Global Credit Bubble and Bust of 2003-10 stemmed from giant monetary disequilibrium created by the Federal Reserve. Almost continually that institution has pursued flawed monetary practice and principle which has mutated into Bernanke-ism. The book dissects this and shows how it threatens the return of economic prosperity.
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'Since its founding, the Federal Reserve's oracles have cultivated and kept alive the myth that the world's most prominent central bank is a purveyor of domestic and international stability. Brendan Brown, a première market economist, draws on his deep knowledge of economics, history and markets to expose the Fed as a great destabilizing force. Brown shines a bright light on all the nonsensical ideas and arguments that have been peddled by Fed myth makers - both past and present. He scrutinizes and explodes ideas embraced by contemporary currency warriors, including the so-called global imbalance and savings glut problems, and, yes, inflation targeting. Once Brown disrobes the oracles, he then takes monetarism to a new level and unfurls a blueprint for monetary stability.' - Steve H. Hanke, Professor of Applied Economics, The Johns Hopkins University, USA