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Secrets of the Temple: How the Federal Reserve Runs the Country
William Greider’s groundbreaking bestseller reveals how the mighty and mysterious Federal Reserve operates—and manipulates and the world’s economy.
This ground-breaking best-seller reveals for the first time how the mighty and mysterious Federal Reserve operates—and how it manipulated and transformed both the American economy and the world's during the last eight crucial years. Based on extensive interviews with all the major players, Secrets of the Temple takes us inside the government institution that is in some ways more secretive than the CIA and more powerful than the President or Congress.
This ground-breaking best-seller reveals for the first time how the mighty and mysterious Federal Reserve operates—and how it manipulated and transformed both the American economy and the world's during the last eight crucial years. Based on extensive interviews with all the major players, Secrets of the Temple takes us inside the government institution that is in some ways more secretive than the CIA and more powerful than the President or Congress.
800 pages, Paperback
First published January 1, 1987
109 people are currently reading
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Displaying 1 - 30 of 84 reviews
September 21, 2012
Warning....you will gain nothing from this review.
This is a book that exposed my cerebral limitations and I am not going to blame Greider for it. I forced myself to read every page...kind of like (I assume here...one look at me and you will know that I don't force myself to run long distances!!!) a marathon runner. For me, it became a test of endurance..."finish the tome" I chanted to myself! Why? In the final analysis... For the sake of finishing. I kept waiting for the fog to clear, for the "secret" of the temple to be revealed to me. When I finally read the last page, I was convinced of one thing only....I don't know what the Fed is doing or why I should care. Again...not Grieder's fault...you can't blame Grieder for my lack of understanding. I will say this....it seems that the Fed has been as dazed and confused (at times) as I was when I finished this book. Economics and Physics....reading in these realms is bad for my self esteem....I am truly bothered by my limitations. A humbling experience to say the least. My apologies for this..."review?". It offers no insight because I am in over my head here. I've read other of Greider's books...and they were more within my grasp. He is, obviously, a powerful thinker...wish I could have hung with him on this one.
This is a book that exposed my cerebral limitations and I am not going to blame Greider for it. I forced myself to read every page...kind of like (I assume here...one look at me and you will know that I don't force myself to run long distances!!!) a marathon runner. For me, it became a test of endurance..."finish the tome" I chanted to myself! Why? In the final analysis... For the sake of finishing. I kept waiting for the fog to clear, for the "secret" of the temple to be revealed to me. When I finally read the last page, I was convinced of one thing only....I don't know what the Fed is doing or why I should care. Again...not Grieder's fault...you can't blame Grieder for my lack of understanding. I will say this....it seems that the Fed has been as dazed and confused (at times) as I was when I finished this book. Economics and Physics....reading in these realms is bad for my self esteem....I am truly bothered by my limitations. A humbling experience to say the least. My apologies for this..."review?". It offers no insight because I am in over my head here. I've read other of Greider's books...and they were more within my grasp. He is, obviously, a powerful thinker...wish I could have hung with him on this one.
May 3, 2009
It's always fun to observe values changing over time, depending on the needs of society. William Greider, in Secrets of the Temple, a history of the Federal Reserve System, relates how usury was once considered a heinous offense against the church. There are perhaps a dozen clear prohibitions against charging interest in the Bible. It was considered an immoral way to make money, as it resulted from no work. The wealthy had an obligation to help those less fortunate, without profiting from their generosity. In fact, until the late Middle Ages, anyone charging interest would be immediately excommunicated.
Capitalism, which required capital to create wealth, changed the church's values. The rise of Protestantism further weakened the traditional stance of the church against usury. But it wasn't until the 1970s, with the inflationary pressures on interest rates that states were forced to repeal usury laws, laws which had been enacted to actually legitimize charging interest and to control "excessive interest." Interestingly, Islamic countries have had to deal with this issue in a different way. The Koran is equally strict in its prohibition against charging interest, and this was considered a serious impediment to the rise of capitalism in the Middle East. They get around the uncompromising religious prohibition by creating a risk-sharing environment. Both "partners" in a venture share in profit or loss, just not equally. Bankers routinely consult religious advisors to make sure no profits could be considered "interest" earned on the money used in the venture.
Capitalism, which required capital to create wealth, changed the church's values. The rise of Protestantism further weakened the traditional stance of the church against usury. But it wasn't until the 1970s, with the inflationary pressures on interest rates that states were forced to repeal usury laws, laws which had been enacted to actually legitimize charging interest and to control "excessive interest." Interestingly, Islamic countries have had to deal with this issue in a different way. The Koran is equally strict in its prohibition against charging interest, and this was considered a serious impediment to the rise of capitalism in the Middle East. They get around the uncompromising religious prohibition by creating a risk-sharing environment. Both "partners" in a venture share in profit or loss, just not equally. Bankers routinely consult religious advisors to make sure no profits could be considered "interest" earned on the money used in the venture.
March 14, 2023
Well, it took me a few weeks to get through this massive beast, but what Greider has done here is extraordinary: he has managed to demystify the Fed in clear and often lively terms, paying particular attention to the disastrous Paul Volcker run (mostly under Reagan), illustrating the foolhardy approach of Milton Friedman-style monetarism, and demonstrating that our central bank is largely a tool of blood-curdling assaults on the working stiffs (and farmers and businesses), all at the expense of reducing inflation by way of raising interest rates. Greider gets into the history of the Fed, points out how consumer spending patterns often defy economic reality, and even manages to get Freidman for a sit-down interview. This is a great work of journalism. It was weird to read of the Continental bailout as Silicon Valley Bank and Signature Bank both went belly-up. We haven't learned a fucking thing. The Fed has ALWAYS played favorites, letting mid-size banks fail and people suffer for the sake of plutocratic "stability." Read this book to prepare yourself for the forthcoming economic apocalypse, which I think may happen sometime in the fall of 2023.
February 10, 2010
Weighing in at 717 pages, not counting reference notes or appendices, "Secrets of the Temple" is part history, part sociological text, part political narrative, and part economic analysis, and it succeeds, to a greater or lesser degree, in all these tasks. It focuses on the history of the Fed during the reign of Paul Volcker, using this as a focal point to reference a more extended history of both the Fed and the overall economy of America.
As a whole, this is interesting stuff, and I learned a lot from reading it. The fact this rather complex tome, which interweaves a series of narratives and a wealth of source material with fairly sophisticated economic theory, was a best seller back in 1987 shows how far the intellectual capabilities of the average American reader have fallen in just 23 years. If an historical analysis of the Fed were to become a best seller today, it would almost undoubtedly involve half-backed conspiracy theories, be affiliated with a political campaign, or be promoted by a blowhard on cable TV. The good news is that, while so much of what the unwashed masses are offered these days is half-witted bullshit, you can still get get Greider's comparatively thoughtful text at your local bookstore.
My one caveat is that, while the history here is well-argued and researched, the same cannot be said for Greider's solutions, which boil down to typical lefty claptrap about govermental mandates for full employment, augmented by the forming of coalitions demanding the reinflation of prices, as a way to curtail the power of the Fed.
As a whole, this is interesting stuff, and I learned a lot from reading it. The fact this rather complex tome, which interweaves a series of narratives and a wealth of source material with fairly sophisticated economic theory, was a best seller back in 1987 shows how far the intellectual capabilities of the average American reader have fallen in just 23 years. If an historical analysis of the Fed were to become a best seller today, it would almost undoubtedly involve half-backed conspiracy theories, be affiliated with a political campaign, or be promoted by a blowhard on cable TV. The good news is that, while so much of what the unwashed masses are offered these days is half-witted bullshit, you can still get get Greider's comparatively thoughtful text at your local bookstore.
My one caveat is that, while the history here is well-argued and researched, the same cannot be said for Greider's solutions, which boil down to typical lefty claptrap about govermental mandates for full employment, augmented by the forming of coalitions demanding the reinflation of prices, as a way to curtail the power of the Fed.
September 10, 2016
In the first 2/3 of this book, Greider set the scene for the economic unfolding of the 1980s. He explained the forces in the economy that led to the need for the central bank, and reviewed economic and financial development up until that time. A significant conclusion was that confidence in fiat money was important, and growth would be difficult without it.
Then the second 2/3 of the book was a ridiculous and tedious tail chasing, criticizing every Fed decision from the alternate point of view, with zero consistency. However, because the Fed generally pursued a tight policy, Greider's net criticism was that this tightness, while eliminating inflationary pressure, led to maintenance of financial values at the expense of no longer using inflation as a means of ameliorating debt by the "borrowing class.", as if economics were a zero sum game. The Fed had to make a choice between a stable currency that increased confidence and provided a backdrop for growth and an inflationary currency that acted as a continual transfer of wealth from lenders to borrowers but generally inhibited investment. Could have been said so much more briefly, and much better supported, instead of repeating the same unsupported point ad nauseam.
It's quaint what they considered a large deficit way back in the 1980s.
Then the second 2/3 of the book was a ridiculous and tedious tail chasing, criticizing every Fed decision from the alternate point of view, with zero consistency. However, because the Fed generally pursued a tight policy, Greider's net criticism was that this tightness, while eliminating inflationary pressure, led to maintenance of financial values at the expense of no longer using inflation as a means of ameliorating debt by the "borrowing class.", as if economics were a zero sum game. The Fed had to make a choice between a stable currency that increased confidence and provided a backdrop for growth and an inflationary currency that acted as a continual transfer of wealth from lenders to borrowers but generally inhibited investment. Could have been said so much more briefly, and much better supported, instead of repeating the same unsupported point ad nauseam.
It's quaint what they considered a large deficit way back in the 1980s.
January 8, 2023
Very educational. Although this 700 page book could have been 400, it was useful to be soaked in the internal machinations of the Volcker Fed just to get a feel for the way decisions were made. Even though there is little monetary theory to take away from this book, I feel like it taught me some valuable lessons about how governments and national economic systems are set up.
It's quite remarkable, in a bad way, what sorts of people are making these inscrutable money decisions, and the patterns those decisions give rise to. One pattern the author argues quite convincingly for is that the Federal Reserve System was (and probably still is) almost entirely accountable to the wealth interests of the creditor class of the economy, and quite callously uninterested in the human plight of the debtor class.
It's quite remarkable, in a bad way, what sorts of people are making these inscrutable money decisions, and the patterns those decisions give rise to. One pattern the author argues quite convincingly for is that the Federal Reserve System was (and probably still is) almost entirely accountable to the wealth interests of the creditor class of the economy, and quite callously uninterested in the human plight of the debtor class.
November 19, 2013
Lately the drums have begun to sound again, the war drums against the supposed evils embodied by the Federal Reserve system. Ron Paul and his band of followers have called for the disbandment of the system. In this excellent work, Greider examines the Federal Reserve, its origins and history and how it does business, all against the backdrop of perhaps the most turbulent period of the recent history of the Federal Reserve - the stag-flation period of the late 1970s and early 1980s.
The Fed began as a Progressive innovation masterminded by President Woodrow Wilson in 1913 as a guard against bank failures and a way to stabilize the supply of currency in the economy. Since then, the Fed has played a tremendous role in the US government's efforts to stabilize the economy. The Fed's ability to control the key Federal Reserve interest rate is a very important way to control the money supply. This allows the Fed to make more money available to the economy to allow businesses to expand in times of recession, while also allowing the money supply to dry up during periods of inflation. The Fed has also backed the legitimacy of American banks by allowing stressed banks to draw on cash supplies in times of bank runs.
In "Secrets of the Temple", Greider focuses on Paul Volcker, the man who chaired the Fed during the critical years in the late 1970s and early 1980s when the economy was gripped by a recession that caused unemployment to surge to over 10% while inflation simulataneously increased to the point where prices were increasing at a rate of over 12% per year. Greider examines Volcker's personality, his economic policies and his willingness to entertain new policies based on the economic school of University of Chicago economist Milton Friedman. He looked at the political aspects of the fight against stagflation that culminated in the 1980 election and the defeat of President Jimmy Carter. And he examines how the economy recovered from the recession in the years of the first term of President Ronald Reagan.
Greider does a good job at examining all aspects of the economy and not just those controlled by the Fed. His narrative is lively and interesting despite the fact that this book is about economics. While "Secrets of the Temple" is probably not entirely accessible to readers who are not trained in economic theory, it is a very interesting background to the Fed which should be read by anyone with an interest in monetary theory and economics. I would highly recommend this book for any readers with these interests.
The Fed began as a Progressive innovation masterminded by President Woodrow Wilson in 1913 as a guard against bank failures and a way to stabilize the supply of currency in the economy. Since then, the Fed has played a tremendous role in the US government's efforts to stabilize the economy. The Fed's ability to control the key Federal Reserve interest rate is a very important way to control the money supply. This allows the Fed to make more money available to the economy to allow businesses to expand in times of recession, while also allowing the money supply to dry up during periods of inflation. The Fed has also backed the legitimacy of American banks by allowing stressed banks to draw on cash supplies in times of bank runs.
In "Secrets of the Temple", Greider focuses on Paul Volcker, the man who chaired the Fed during the critical years in the late 1970s and early 1980s when the economy was gripped by a recession that caused unemployment to surge to over 10% while inflation simulataneously increased to the point where prices were increasing at a rate of over 12% per year. Greider examines Volcker's personality, his economic policies and his willingness to entertain new policies based on the economic school of University of Chicago economist Milton Friedman. He looked at the political aspects of the fight against stagflation that culminated in the 1980 election and the defeat of President Jimmy Carter. And he examines how the economy recovered from the recession in the years of the first term of President Ronald Reagan.
Greider does a good job at examining all aspects of the economy and not just those controlled by the Fed. His narrative is lively and interesting despite the fact that this book is about economics. While "Secrets of the Temple" is probably not entirely accessible to readers who are not trained in economic theory, it is a very interesting background to the Fed which should be read by anyone with an interest in monetary theory and economics. I would highly recommend this book for any readers with these interests.
May 18, 2009
Man, I learned all kindsa stuff reading this book! Here are three instances of the droppage of science done by the Greider! And I only had to read 150 pages to learn all this awesome shit!
1. The Fed either is or is not a government body. Mr. G does not say whether it is or not, but he let me know that it either is or is not.
2. Inflation is good for one segment of the population (low-income borrowers). This makes it cool for the Fed to inflate the money supply for everyone.
3. If you are skeptical about central banking, you hate the Jews.
I should thank Mr. Greider for teaching me a lesson about a fundamental lesson of the Economics! This lesson is the "opportunity cost"! The lesson is: the opportunity cost of this book for me was two six-packs of Storm King Imperial Stout. And, after finishing the six-packs, I would have damaged fewer brain cells than I would have had I finished this book.
1. The Fed either is or is not a government body. Mr. G does not say whether it is or not, but he let me know that it either is or is not.
2. Inflation is good for one segment of the population (low-income borrowers). This makes it cool for the Fed to inflate the money supply for everyone.
3. If you are skeptical about central banking, you hate the Jews.
I should thank Mr. Greider for teaching me a lesson about a fundamental lesson of the Economics! This lesson is the "opportunity cost"! The lesson is: the opportunity cost of this book for me was two six-packs of Storm King Imperial Stout. And, after finishing the six-packs, I would have damaged fewer brain cells than I would have had I finished this book.
September 3, 2021
The book title is a put off to serious readers. Don't let it be. Someone grossly mistitled this book. The author does occasionally offer somewhat provocative historical commentary, but nothing remotely close to the sensational quality of the title.
I will write further after I finish this great book, but having read 583 pages, I am satisfied I can "authoritatively" comment. The subject should be boring but the book is not. Having said that, it is a tome. There is a lot here. The other qualification is that we live in a political economy. I am sure that a better educated reader could dissuade me from the author's economic conclusions. Facts don't tell lies, but they do tell stories, and writers do direct the plots. On the whole I agree with the author but I am not always sure that I would if I studied the subject further.
Having lived through this period, even having met Paul Volker, I am in a position to correct the author if he strays too far into interpretation. I don't think he does. I think this is an admirable rendition of the history, and I think this account of the 70's and 80's could could provide a solid foundation for understanding the monetary challenges of today, which I deem to be considerable.
Update: This is not a perfect book. There is a lecturing aspect to it, at times, and there is an expressed concern that the Federal Reserve, and the banking system, and the government, often times work together, and not to the benefit of the working man. There is a constant tension between capital and labor in our economy and the author uses the Federal Reserve to explore this topic. But importantly, he succeeds in giving a good history lesson before the lecture.
I will write further after I finish this great book, but having read 583 pages, I am satisfied I can "authoritatively" comment. The subject should be boring but the book is not. Having said that, it is a tome. There is a lot here. The other qualification is that we live in a political economy. I am sure that a better educated reader could dissuade me from the author's economic conclusions. Facts don't tell lies, but they do tell stories, and writers do direct the plots. On the whole I agree with the author but I am not always sure that I would if I studied the subject further.
Having lived through this period, even having met Paul Volker, I am in a position to correct the author if he strays too far into interpretation. I don't think he does. I think this is an admirable rendition of the history, and I think this account of the 70's and 80's could could provide a solid foundation for understanding the monetary challenges of today, which I deem to be considerable.
Update: This is not a perfect book. There is a lecturing aspect to it, at times, and there is an expressed concern that the Federal Reserve, and the banking system, and the government, often times work together, and not to the benefit of the working man. There is a constant tension between capital and labor in our economy and the author uses the Federal Reserve to explore this topic. But importantly, he succeeds in giving a good history lesson before the lecture.
March 28, 2023
"Secrets of the Temple: How the Federal Reserve Runs the Country" is a book written by journalist William Greider, first published in 1987. The book explores the role of the Federal Reserve System, the central banking system of the United States, in the country's economic policy and financial system.
Greider argues that the Federal Reserve is a powerful institution that has significant influence over the US economy, yet is largely shrouded in secrecy and mystique. He contends that the Federal Reserve has become increasingly dominated by bankers and financial elites, and has lost touch with the needs and interests of the broader public.
The book provides a detailed history of the Federal Reserve, from its origins in the early 20th century to its role in shaping the US economy in the 1980s. Greider examines the Fed's policies and decision-making processes, as well as its relationships with other institutions, such as the US Treasury and the White House.
Throughout the book, Greider challenges the conventional wisdom about the Federal Reserve, arguing that its policies have often favored Wall Street over Main Street, and that its influence over the economy has often been driven more by political considerations than by sound economic principles.
Overall, "Secrets of the Temple" is a critical analysis of the Federal Reserve and its role in the US economy. The book has had a significant impact on public understanding of the Fed, and has contributed to ongoing debates about the role of central banking in modern economies.
GPT
Greider argues that the Federal Reserve is a powerful institution that has significant influence over the US economy, yet is largely shrouded in secrecy and mystique. He contends that the Federal Reserve has become increasingly dominated by bankers and financial elites, and has lost touch with the needs and interests of the broader public.
The book provides a detailed history of the Federal Reserve, from its origins in the early 20th century to its role in shaping the US economy in the 1980s. Greider examines the Fed's policies and decision-making processes, as well as its relationships with other institutions, such as the US Treasury and the White House.
Throughout the book, Greider challenges the conventional wisdom about the Federal Reserve, arguing that its policies have often favored Wall Street over Main Street, and that its influence over the economy has often been driven more by political considerations than by sound economic principles.
Overall, "Secrets of the Temple" is a critical analysis of the Federal Reserve and its role in the US economy. The book has had a significant impact on public understanding of the Fed, and has contributed to ongoing debates about the role of central banking in modern economies.
GPT
August 5, 2011
While researching Far From The War I wanted a good book about the Federal Reserve, one that would give a lot of detail, show some of the inside baseball, without being conspiratorial. Thankfully, the title sounds a lot more conspiratorial than the content within.
I wanted something credible and scholarly -- this fit the bill perfectly. Learned a ton of how the Fed works and in particular about how Reagan used the Fed to deflect blame for the recession -- wait two recessions -- that happened during his first term.
I can see this book as a gateway to conspiratorial thinking however, as the documented truth is often scary enough.
I wanted something credible and scholarly -- this fit the bill perfectly. Learned a ton of how the Fed works and in particular about how Reagan used the Fed to deflect blame for the recession -- wait two recessions -- that happened during his first term.
I can see this book as a gateway to conspiratorial thinking however, as the documented truth is often scary enough.
January 21, 2009
O.K., so I only read 1/2 of it. I did learn some interesting things about how the Fed controls our economy through manipulation of the money supply. I didn't like the way the information was presented. It kept jumping back and forth through different periods of history, which made it difficult to follow.
September 13, 2007
A very good attempt at explaining the mechanics of controlling the capital of an empire of capitalism. Complicated and eye opening.
May 19, 2020
An absolute tome of a book on a topic few know much about: the undermining of the economy through the push for deflation by the Volcker Fed.
Under the assumption that inflation must be stopped at all costs, Volcker institutes almost usurious interest rates. Greider doesn't hold many punches back in criticizing the catastrophic affects of the policy. But it's not all Volcker, it just seems like almost everybody was on board that this was the way to go. Reagan demanded it. Same with various senators. Friedman demanded monetarism.
But so many people were just wrong. Painfully wrong. Even as the cause of inflation--the Vietnam War--goes unspoken. And the high interest rates and strong dollar demolishes US industry, benefits international finance. It sets the stage for the junk bond crisis. Punishes agriculture, enables vulture capitalism.
But some balked. Kudlow comes off as prescient when he calls the forecasts "complete garbage." Eventually Friedman admits his models didn't really predict what he thought they would.
Really the book could have been trimmed down, but hard to criticize what is otherwise an essential history.
Under the assumption that inflation must be stopped at all costs, Volcker institutes almost usurious interest rates. Greider doesn't hold many punches back in criticizing the catastrophic affects of the policy. But it's not all Volcker, it just seems like almost everybody was on board that this was the way to go. Reagan demanded it. Same with various senators. Friedman demanded monetarism.
But so many people were just wrong. Painfully wrong. Even as the cause of inflation--the Vietnam War--goes unspoken. And the high interest rates and strong dollar demolishes US industry, benefits international finance. It sets the stage for the junk bond crisis. Punishes agriculture, enables vulture capitalism.
But some balked. Kudlow comes off as prescient when he calls the forecasts "complete garbage." Eventually Friedman admits his models didn't really predict what he thought they would.
Really the book could have been trimmed down, but hard to criticize what is otherwise an essential history.
June 18, 2018
A long read, the author gives a more detailed view of the mechanics of the American economy, the players, the manipulators. Working through from the formation of the Federal Reserve, the crash of 1929 up until the crash of 1987, the delicate dance between inflation and the fiscal wellness of consumers is revealed. Greider illustrated how the American capitalist model works, and doesn't work. As someone I know has said before, "it's working as well as it should". The revelation of having to have 'x' amount of people unemployed at pretty much any given time, the issue of living wages, versus low wages, debt to income ratios, the wealth all reverting to the top and how that is truly unsustainable in a consumerist society. An interesting introduction to economics and capitalism in the United States and how it has and does affect other nations, I would recommend it. It's a long read, but it's also insightful and I'm still mentally re-ordering some of the things I read to apply them to the world I live in now.
November 10, 2019
A brilliant book. Amazing reporting, great historical context. I’d been meaning to read this for about 20 years and finally made it happen. What is starkly evident is that in 1987 Greider—who in 1981 managed to get David Stockman to straight-up admit that Reaganomics was a total fraud—understood what the conservative program portended for America’s future better than anybody else at the time, and far better than most people today. Reading how dead-on he called it today is pretty depressing. His point that 1870s-1890s protest parties far better understood the politics of money than 20th—and certainly 21st—century Americans is hard to argue. I hate to make common cause with the Federal Reserve paranoiac conspiracy theorists, but Greider’s account does suggest the Modern Monetary Theory people are not nearly as “out there” as the usual suspects insist.
December 3, 2023
This book's title make as it look like it was published by a goldbug, but it actually wasn't! This is a very good, if anything too liberal, critique of the Volcker Fed with an excellent historical grounding and the sort of access you expect out of Washington Post books. Recommend heavily, but it is a long one.
I overall think it is too critical of the Fed, and doesn't take iinto account that its prescriptions on e.g. credit supply control are used in the Japanosphere East Asian developed countries and haven't helped them avoid similar concentration issues. I think it's easier for me to see this in hindsight though.
Recommend, but encourage you to balance with some more recent history if you're trying to get perspective on central banking.
I overall think it is too critical of the Fed, and doesn't take iinto account that its prescriptions on e.g. credit supply control are used in the Japanosphere East Asian developed countries and haven't helped them avoid similar concentration issues. I think it's easier for me to see this in hindsight though.
Recommend, but encourage you to balance with some more recent history if you're trying to get perspective on central banking.
Read
July 16, 2020This was a surprisingly good read. One reviewer said something along the lines of them being surprised that a book which covers such a large amount of rather difficult economic theory managed to be a best seller when it came out, and I have to say that I agree. Most of this material is at least on par with undergraduate level economic theory: supply and demand, inflation, currency exchange rates, interest rates, international debt, etc. All of this weaved into a text that has a very thorough grasp of the workings of the political system.
May 17, 2020
I would give this book a much higher review if the editor had only done his job. The book is way to long at somewhere around 700 pages. The material and subject was excellent. It may have been hard to make it half that length, but certainly more appropriate. The author goes on for pages on something that could have been covered in sentences or at most, paragraphs.
I am glad I stuck it out and read the whole thing.
I am glad I stuck it out and read the whole thing.
July 20, 2021
"Secrets of the Temple" is an interesting book written by a very good writer, William Greider. Although it was published more than 20 years ago, he makes points that are somewhat relevant today. The book is largely about the Federal Reserve Board (or "FED") under chairman Paul Volcker from 1979 to 1987 although there is a good deal of history on the FED prior to Volcker's appointment as chairman by President Jimmy Carter.
Read
December 31, 2024Quite a remarkable account of the Volcker years. I found descriptions of Fed interactions with Congress/Executive, internal accounts of Fed meetings, and accounts of M1 and the monetarists particularly interesting. However, book is way too long, in part because Greider fills the book with far too many often unhelpful metaphors to make his points and doesn't have quite enough grasp on the econ to make some of his finer points (not that I do either). Still pretty great!
September 24, 2019
Very long.
I didn't appreciate his musings on how he felt Monitorism was like a religion and how Sigmund Freud had theories connecting money with poop.
I did appreciate the historical narrative parts of the book but he approached the story from different angles in different chapters which made it very difficult for me to keep the timeline straight.
I didn't appreciate his musings on how he felt Monitorism was like a religion and how Sigmund Freud had theories connecting money with poop.
I did appreciate the historical narrative parts of the book but he approached the story from different angles in different chapters which made it very difficult for me to keep the timeline straight.
August 3, 2021
Tedious but important.
I remember being told that people who talk about the Fed are insane.
The Fed runs a super boring "education" program.
Insane and boring are the Fed's defenses.
It has been enough.
Would like to do a chapter by chapter review with others.
I remember being told that people who talk about the Fed are insane.
The Fed runs a super boring "education" program.
Insane and boring are the Fed's defenses.
It has been enough.
Would like to do a chapter by chapter review with others.
August 3, 2022
755多頁的怪物
舊書新提
美國聯準會的秘密（只有英文版）
十多年前我就開始自問：為何央行可以印錢？而我不可以？
這麼多年沒人問央行的合法性！
我們還把央行總裁當神人！其實他們真的很垃圾！權力左右一個國家的命運
十多年前開始到現在，我們少數的人知道聯準會不應該存在，美國聯準會其實是七家銀行私人註冊，你們知道嗎？！
應該要把這些央行總裁抓去關！
註：你買房子借錢要有擔保，頭款等…但房子還不是你的；而央行沒有擔保就可以印錢（用黃金來擔保在尼克森就廢除掉了…）
本人是希望各位去思考，思索所有一切
十幾年前，央行的秘密打開這世界一切的謊言
10/10
舊書新提
美國聯準會的秘密（只有英文版）
十多年前我就開始自問：為何央行可以印錢？而我不可以？
這麼多年沒人問央行的合法性！
我們還把央行總裁當神人！其實他們真的很垃圾！權力左右一個國家的命運
十多年前開始到現在，我們少數的人知道聯準會不應該存在，美國聯準會其實是七家銀行私人註冊，你們知道嗎？！
應該要把這些央行總裁抓去關！
註：你買房子借錢要有擔保，頭款等…但房子還不是你的；而央行沒有擔保就可以印錢（用黃金來擔保在尼克森就廢除掉了…）
本人是希望各位去思考，思索所有一切
十幾年前，央行的秘密打開這世界一切的謊言
10/10
May 7, 2023
Incredibly well researched and a must read more monetary policy nerds. It's really two books: one on Volcker and one on the history more broadly. It's dense and will take 20+ hours to get through productively, so pace it out
February 17, 2024
I read this when I was a young man. Reagan took credit for the sun coming up every morning but it was Volker’s economic experiment that turned this country around but thanks Reagan for having the sense to continue Carter’s policies.
September 14, 2018
blah, blah, blah
December 9, 2019
A must read and not just for people who like tin foil!!!
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