Book Review: The Fed Unbound: Central Banking in a Time of Crisis

Lev Menand’s new book, The Fed Unbound: Central Banking in a Time of Crisis, tries to systematically catalog all the Fed’s prior errors, and ends by describing and prescribing all the new ones it and Congress are likely to make in the future. Sadly, for all his awareness of its inadequacies and the ills it has burdened Americans with, Menand wants a Fed only slightly bound rather than unbound. Menand remains to the end convinced the Fed can be brought back under control and directed toward that elusive public good.