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News Release
September 3, 2012

New Book Reveals Atmosphere of Global Financial Storm

Sept. 3, 2012, Oakland, CA— The twenty-first century opened with optimism, as first technology and then housing boomed, but by the end of the decade confidence had been drained. In 2009, the entire world economy stopped growing, the first time this had happened in over fifty years.

Why, after several decades of economic stability, did the boom-and-bust cycle return with such force?

In Boom and Bust Banking: The Causes and Cures of the Great Recession, Independent Institute Research Fellow David Beckworth compiles diagnoses and prescriptions from some of the leading lights of the economics profession. Shifting the focus to the Federal Reserve, Boom and Bust Banking illustrates the U.S. central bank’s role in the creating the Great Boom and the Great Recession of the 2000s.

At the close of the most destructive economic episode in a half-century, Boom and Bust Banking reconsiders the justifications for central banking and reflects on possibilities for reform. With the future ripe for new thinking, this volume is essential for policy makers and concerned citizens who wish to learn from recent history.

“The authors of this compelling and fascinating book demonstrate clearly that U.S. monetary policy—by creating a boom and a bust—led to the financial crisis and the great recession. But they go much further. They apply their excellent analytical skills to show why policy took this unfortunate route, why alternative explanations—such as a global-saving glut—are flawed, and why monetary policymakers must return to rules-based policies in the future. is exceptionally well-written and well-reasoned. It should be read by anyone interested in improving economic policy and economic performance.”
John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University; former Member, President’s Council of Economic Advisers

To arrange an interview with Boom and Bust Banking editor David Beckworth please contact Lindsay Boyd at 202.725.7722 or

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