May 30, 2016 - Lawrence Jacobs

May 30, 2016
Lawrence Jacobs

Some people just love money.

And I don’t mean they love what money can buy. They love money, the art of it in coins and engravings, but even more, the idea of it. Money, a number on a paper that everyone agrees has a specific value and can be freely traded endlessly through space and time.  Well, it is a pretty neat idea. Maybe one of the most important concepts of human life.

The trouble starts when the love of money takes on a religious quality, and the growth of money is considered a blessing, and possession of money a sign of grace. Eventually you get a cult that magnifies the power of the already rich and powerful, a cult that is so oblivious to what money can buy and the lack of it can deny that they are callous about the human results of absolute inequality.

If I read his recent book, Fed Power, right, our guest today, political scientist Lawrence R Jacobs of the University of Minnesota, Hubert Humphrey School of Politics and Governance would cast The Board of Governors of the Federal Reserve as among the high priests of this money-is-everything cult.

Reading Room

Fed Power: How Finance Wins by Lawrence R Jacobs and Desmond King



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