This time, we acted.<\/p>\n
The title of this book was inspired by my colleagues at the Federal Reserve, policymakers and\u00a0staff alike. When the economic well-being of their nation demanded a strong and creative response,\u00a0they mustered the moral courage to do what was necessary, often in the face of bitter criticism and\u00a0condemnation. We were joined in the fight by others in government\u2014the leaders and staff of the\u00a0Treasury Department under two administrations deserve special note\u2014as well as many of our\u00a0counterparts at central banks and finance ministries around the world.<\/p>\n","protected":false},"excerpt":{"rendered":"
In all crises, there are those who act and those who fear to act. The Federal Reserve, born of the now\u00a0little-known Panic of 1907, failed its first major test in the 1930s. Its leaders and the leaders of other\u00a0central banks around the world remained passive in the face of ruinous deflation and financial\u00a0collapse. The result was a global Great Depression, breadlines, and 25 percent unemployment in the\u00a0United States, and the rise of fascist dictatorships abroad. Seventy-five years later, the Federal Reserve\u00a0\u2014the institution that I have dedicated the better part of my adult life to studying and serving\u2014confronted similar challenges in the crisis of 2007\u20132009 and its aftermath.<\/p>\n","protected":false},"featured_media":9104,"template":"","meta":{"inline_featured_image":false},"product_brand":[],"product_cat":[10379],"product_tag":[10411,10320],"class_list":{"0":"post-9101","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-altax-library-en","7":"product_tag-fed","8":"product_tag-financial","10":"first","11":"instock","12":"sale","13":"downloadable","14":"virtual","15":"purchasable","16":"product-type-simple"},"yoast_head":"\n