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1、BookReviews1041weresomanylessonsfromtheGreatDepressionthanitanswers.Mostofall,Meltzerneverletsonforgottenorunlearned?Ingoodtimes,themone-thatthecrisiscauseda“viewquake”withinbothtarypolicyandfinancialoversightrolesoftheFedmonetarismandminimalistapproachestob
2、ankaremoreorlessseparatebutofcourse,fairlyorsupervision.not,everyonewillbereadingthesebooks“back-Inadditiontoitsbroadernarrative,thebookswards”fromthevantagepointof2007–09.serveupmanysmallergems.Meltzerempha-Icameofageinanintellectualclimatebynosizes(book1,p
3、.275)thattheBrettonWoodsmeansunsympathetictomonetarism,yetInoagreement,onceitadoptedtrulyconvertiblelongerbelievethatmoneysupplyregulation,currencies,lastednomorethantenyears(1958–evenifcombinedwithpriceinflationtargeting,is68).Thisdoesnotaugurwellforthecurr
4、ent“enough.”Itseemsthat,slowlybutsurely,finan-Europeanmonetaryunion.Manyoftheothercialsystemsbuilduppressuresforextremeandanecdotesremindthereaderofcurrenttimes,unwarrantedrisk-takingandthattheprevioussuchaswhenWestGermany,circa1961,isaskedperiod’ssuccessesm
5、akethissubsequentrisk-toconsiderloosermonetaryandfiscalpolicies.takingevenworse.OneimplicationisthateachTheGermanswerefarfromenthusiastic.Thecentralbankpolicytriumphcreates,inthelongerdebatesaboutwhethertheFedshouldoperaterun,abiggerbubbleandalargersetofsolv
6、encybypurchasinglonger-termsecuritiesand,thusproblemswithfinancialinstitutions.Thecrack-uptargetlonger-terminterestrates,weremorecom-of2007–09wassobadinpartbecauseVolckermoninthe1950sthanmanyofusmayrealize.andothersputtheAmericanmacroeconomyYoucanbrowsejusta
7、boutanyfive-pagesectioninonsuchsoundfootinginearlierdecades.It’santhesebooksandfindsomethingfascinating.openquestionwhetherthefinancialsystemhasWhatthesebooksdowell,theydoveryverylong-runbalanceandperhapsthatshouldinducewellindeed.Itisdoctrinethatreignsinthe
8、seadeeperrevaluationofwhichFedpolicieswerebooks,notdeeperpolitics,colorfulcharacters,successesandwhichwerenot.Meltzer’shistoryorthebroaderfailuresoftheU.S.bankingsys-insteadreflectsthepointofvie
