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Engine of Inequality: The Fed and the Future of Wealth in America

Karen Petrou

"Economic inequality in America is on fire. The heat was rising in 2011 when Occupy Wall Street railed against the 1%, and then in 2016, when populist presidential candidates of both parties attracted fervent support. Now we see it in the platforms of 2020 candidates, whose policy proposals for tackling economic inequality reflect the critical concerns they've been hearing from angry, frustrated Americans every day.

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Book Information

Publisher: Wiley
Publish Date: 03/03/2021
Pages: 288
ISBN-13: 9781119726746
ISBN-10: 1119726743
Language: English

What We're Saying

March 05, 2021

In turning from analysis to advocacy, Karen Petrou shows us how the fight against inequality can be won much more quickly—on terms we should all be able to agree on—than we might imagine. READ FULL DESCRIPTION

November 18, 2021

"The authors who make up this year’s Porchlight Business Book of the Year Awards longlist gift us with a feast of new ideas to explore and, even more valuable, a renewed sense of possibility.” READ FULL DESCRIPTION

December 09, 2021

Getting up his courage to dive into their anxiety-inducing subjects, Dylan Schleicher examines the best books 2021 had to offer in the Current Events & Public Affairs category. READ FULL DESCRIPTION

Full Description

The first book to reveal how the Federal Reserve holds the key to making us more economically equal, written by an author with unparalleled expertise in the real world of financial policy

Following the 2008 financial crisis, the Federal Reserve's monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible.

Karen Petrou is a leading financial-policy analyst and consultant with unrivaled knowledge of what drives the decisions of federal officials and how big banks respond to financial policy in the real world. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book:

  • Presents practical ways America can and should tackle economic inequality with fast-acting results
  • Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work
  • Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness
  • Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever
  • Reveals the dangers of FinTech and BigTech companies taking over banking
  • Shows how Facebook wants to control even the dollars in your wallet
  • Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists

Engine of Inequality: The Fed and the Future of Wealth in America should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation's financial policy will be a force for promoting economic equality.

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