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The Two-Handed State: How the Federal Reserve and the U.S. Treasury Undermine Each Other's Policies
Paperback
Series: Economics
Currently unavailable to order
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Publisher: Independently Published
Pages: 138
Weight: 0.43
Height: 0.30 Width: 6.00 Depth: 9.00
Language: English
The Fed and the Treasury aren't on the same team. They just play for the same country.
Every civics lesson treats the Federal Reserve and the U.S. Treasury as two hands of a single, coordinated government - one managing the money supply, the other managing the debt, both marching toward the same economic goals.
It's a comforting story. It's also not true.
The Fed's job is to protect the value of the dollar. Treasury's job is to keep the government financed, no matter how large the debt gets. When deficits are small, those jobs rarely collide. When deficits run into the trillions - and interest payments start rivaling the defense budget - the two institutions start working against each other in ways most Americans never see: in issuance strategy that quietly offsets Fed tightening, in balance-sheet games that blunt inflation fights, in a seventy-year pattern of quiet conflict dressed up as cooperation.
The Two-Handed State traces that conflict from the 1951 Accord through Volcker's war on inflation, the 2008 and 2020 balance-sheet explosions, and the record-issuance standoff of the current decade - building an Austrian and Chicago School case for why central bank independence is a narrower, more fragile achievement than the textbooks admit, who actually pays when it breaks down, and what a genuine fix would require.
If you've ever wondered why independent institutions keep landing on the same side as the government's financing needs, this book explains the machinery - and names the price.
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