Who Needs the Fed?

John Tamny is the Political Economy editor at Forbes, editor of RealClearMarkets, a senior economic adviser to Toreador Research & Trading, and a senior economic fellow at Reason Foundation. He is a weekly panelist on Forbes on Fox, and his columns have appeared in the Wall Street Journal, Investor's Business Daily, National Review, the Financial Times, and London's Daily Telegraph. His first book was Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James Can Teach You about Economics. Tamny and his wife, Kendall, live in Washington, D.C.

"It's not far into John Tamny's Who Needs the Fed? that you realize all of your preconceived notions about the Federal Reserve need to be tossed out the window and forgotten. Instead, markets rule over opaque Fed pronouncements and analysis of the scribblings in monthly Fed Minutes. All investors should read this book." --Andy Kessler, author of Wall Street Meat and Eat People "Like a blazing sun melting away a dangerously thick fog, this delightfully written, well-argued, and insightful book clears away disastrous misconceptions about money, credit, and the operations of the Federal Reserve. It will become one of the most enormously--and positively--influential treatises of our time." --Steve Forbes, Editor-in-Chief, Forbes Media "In the best tradition of Henry Hazlitt and Robert Bartley, Tamny's book offers a provocative yet principled new look at the role of credit in today's economy. Properly equating "credit" with an economy's resources, Tamny systematically debunks the case for government or central bank efforts to increase credit." --David Resler, former chief economist, Nomura Securities "Tamny is a brilliant and insightful writer whose provocative style will stretch your intellectual bandwidth and force you to see the world in a new way." --Anthony Scaramucci, host of "Wall Street Week" "John Tamny makes a strong case that the Fed never had as much influence as either its supporters hoped or its critics feared--and that what power it had in the past is today fast diminishing. In the process, he offers iconoclastic dismissals of popular macroeconomic constructs including money supply, the multiplier, the Phillips curve, the Laffer curve, banks, stimulus, and quantitative easing." --Cliff Asness, founding principal, AQR Capital Management "John Tamny has written an easy-to-read and crucial-to-know overview of the Federal Reserve today, showing how the well-intentioned actions of central bankers in fact hurt our long-term economic potential. Who Needs the Fed? is an outstanding work of contrarian common sense--a must read." --Tom Adams, former CEO of Rosetta Stone, CEO, Workaround LLC