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Volume 16  Number 3  •  Winter 2012
Other Issues:  

Alchemy Leveraged: The Federal Reserve and Modern Finance
By Roger W. Garrison
This article appeared in the Winter 2012 issue of The Independent Review

Kevin Dowd and Martin Hutchinson’s Alchemists of Loss: How Modern Finance and Government Regulation Crashed the Financial System (2010) presents a superior analysis of the origins of the worst financial crisis since the Great Depression. Although the authors cite the Federal Reserve as the main institutional cause of the crisis, they call for it to pursue Volcker-style price stability—a monetary policy that would still leave the economy vulnerable to Fed-induced booms and busts.

 PDFRead the Full Article (PDF, 17 pages)


Other Independent Review articles by Roger W. Garrison
    Summer 2003   Reflections on Reflections: A Consensus about the Great Depression?
    Spring 1999   The Great Depression Revisited







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