Karen Petrou, "Engine of Inequality: The Fed and the Future of Wealth in America" (Wiley, 2021)

New Books in Economics

Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book:

• Presents practical ways America can and should tackle economic inequality with fast-acting results;
• Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work;
• Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness;
• Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever;
• Reveals the dangers of FinTech and BigTech companies taking over banking; Shows how Facebook wants to control even the dollars in your wallet; and
• Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists.

Engine of Inequality: The Fed and the Future of Wealth in America (Wiley, 2021) should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation’s financial policy will be a force for promoting economic equality.

Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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