Updated: Dec 17, 2020
Hello! It’s me again, your friendly, neighborhood Recovering Bankster. Time for another Book Brief.
In this second installment, I bring to you a book I referenced in a recent episode of the Recovering Bankster podcast. As my longtime listeners know, I have a special sensitivity to all things central banks, especially the king of them all, the U.S. Federal Reserve. So, it was with great interest that I rushed to purchase a copy of this book shortly after learning of its publication.
“Fed Up” is written by Danielle DiMartino Booth and was published in 2017 by Portfolio Penguin.
Under what authority does Mrs. DiMartino Booth write such a treatise, you may ask?
First, let’s start with the sub-title of the book: “An Insider’s Take On Why The Federal Reserve Is Bad For America”.
That’s right, a Fed insider. She first began her career on Wall Street before moving into a financial columnist position at the Dallas Morning News. Not long after, she was tapped on the shoulder to work at the Federal Reserve Bank of Dallas as an adviser to its president, Richard Fisher. She remained there for nine years, ejecting herself from deep within the halls of the financial industrial complex at the time of President Fisher’s retirement. She now works as the CEO & Chief Strategist for Quill Intelligence LLC, a research and analytics firm she launched to revolutionize investment and economic research.
So, yes, I think she carries significant expertise in matters of the US Fed.
I try to be original in my reviews but it’s difficult to do so when the jacket of the book sums it up so well:
“She was shocked to discover just how much tunnel vision, arrogance, liberal dogma, and abuse of power drove the core policies of the Fed.”
It goes on to say that she “found a cabal of unelected academics who made decisions without the slightest understanding of the real world, just a slavish devotion to their theoretical models.”
From my own perspective, the book is an artfully crafted uncovering of the inner workings of the U.S. Fed. With a mixture of fact, stories and wit, it’s a read that’s difficult to put down and is written in a manner that does not prevent non-PhD’s from reading it. Remember, she herself is a non-PhD who was immersed in a world of academical theory so she appreciates the value of making her arguments understood in order to reach the most number of people.
And remember, she wrote this book after leaving the central bank, not being fired. So, this is not a work of retribution, but rather a work to inform and educate. Unfortunately, that in and of itself has not left her without enemies. Having attacked such a deemed staple institution of our society has cost her many former contacts there, contacts even reaching high into the echelons of true power at the Fed. But I’ll let you read the book to find out who.
For longtime followers, by now you know of my five principles driving my work and vision. If not, I welcome you to listen in on episode zero of my podcast, my so-called origin story. In either case, the insights of this book underscore the importance of my first principle – Self-Reliance. It goes to show that so many of the experts we rely on daily truly either are clueless or ruthlessly selfish with their policies. And naturally, let’s not forget principle number 5 – Integrity, of which, according to Mrs. DiMartino Booth’s exposition, is severely lacking in the Bankster’s world of central banking.
If you'd like to add this book to your own library, click here for the link to Amazon.
Until next time, my friends, be better, keep your integrity and see you at the pinnacle!