Secrets Of The Temple: How The Federal Reserve Runs The Country

This ground-breaking best-seller reveals for the first time how the mighty and mysterious Federal Reserve operates -- and how it manipulated and transformed both the American economy and the world's during the last eight crucial years. Based on extensive interviews with all the major players, Secrets of the Temple takes us inside the government institution that is in some ways more secretive than the CIA and more powerful than the President or Congress.

Reviews:

Tom Potts of Ottowa chose to review this book, and he erroneously comments that:"The Federal Reserve is a 100% privately owned corporation, carefully set up to appear as though it is an arm of government. It was created solely for the benefit of it's shareholders, a significant proportion of which are foreign. Greider could have mentioned this extremely important fact at the outset. Instead he deliberately helps perpetuate the myth that "The Fed" is public."That short paragraph is simply not correct. Please understand that as a libertarian, I have no reason nor any desire to favor the Fed. But, I do favor getting the facts straight, and, in just the snippet quoted above, Mr. Potts' has more than one or two facts incorrect. The 12 Federal Reserve banks, facially organized like a private corporation, do indeed issue shares of stock to "member banks." But owning such stock is NOT like owning stock in a private corporation. To start with, member banks have no choice - they must both "own stock" and they also must have reserves on deposit with the Federal Reserve Banks. Yet their "stock" can't be bought, sold or pledged as security and memeber banks get no interest for the funds must they must have held in reserve by their Federal Reserve bank. And, the dividends paid are limited to, at most 6%, which is supposedly partial compensation for the fact that no interest is paid on the amount the member banks are required to have on reserve. And, if you review the weekly statement or balance sheet the Fed issues, you'll see the "total capital" which, you might say represents the Fed's "profit." The Fed's excess capital is then paid over to the U.S. treasuery. So, to say that the Federal Reserve was created solely for the "benefit of is shareholders" misstates the situation.

"Secrets of the Temple" is a book that discusses the interaction of the Federal Reserve and Government economic policy. This book is basically a detailed analysis of the Reagan administration and the Volcker chairmanship of the Reserve.Once again Mr. Greider teaches us how the "clock" works by taking us on an intimate tour through the internal mechanisms of the "clock". This is the hands on approach to learning. I like it. Mr. Greider takes us on a tour of the factory - from assembly to design and through sales and advertising.This book is nearly 800 pages long. It's a bargain. If I had any negative criticism it would be that it contains too much information. But that seems to be Mr. Greider's style - no one is going to accuse him of not "doing his homework". This book is not a "read"; it is a "study".

This book is NOT an impartial, journalistic account of the way the Federal Reserve works. From the beginning Greider writes with a liberal agenda and it shows. It's amazing that he apparently does understand the basic precepts of economics, but chooses to ignore their implications with regard to policy making. Instead of seeing the logical reasons behind policy decisions, he immediately leaps to the conspiracy theory explanation for why the Fed has failed to enact the ultra-liberal polcy he prefers.This book is 717 pages long -- about 400 of those pages are Greider's editorials on the Fed. When he does talk about the actual players in the story and uses quotes from the interviews, the book is pretty good. However, too much of the book is focused on Greider's opinions and not enough on representing the viewpoints of the Chairman, the main character in the story. I feel that had Greider included more quotes from Volker, that it would have completely destroyed his argument.Please don't make this the first book you read about the Federal Reserve -- read something that gives you both sides of the issues of monetary policy. Once you understand the basics of central banking, you'll be able to sort out the useful, factual reporting from the useless editorials. The facts are worth having, just be prepared to read through a lot of fluff to get to it.

How can a reader understand the Federal Reserve without reading the history of it's creaton? It's critics, and the history of a central bank in America and Europe? They can't. Any book that does explain the history of international and national banking would never get a good review from the mainstream media. And all you have to do is look it up. Read some of the associated books listed along with this for the history behind the Federal Reserve, a private institution that has never been audited.Buy, "How the world really works," for one example. The Federal Reserve is run by the same robber barrons our history books tell us turned to philanthropy. Nonsense. They make money on our 54 trillion in debt, are the same people who created the United Nations, Trilateral Commision and Council on Foreign Relations.Now, why, you ask yourself, would standard oil and banking magnate JD Rockefellar, and JP Morgan want an international one world organization?That is the question.You remember Rockefellars Standard Oil and how it was 'broken up.' Right. Into Exxon, Mobil, Texaco and Chevron.The same Rockefellars that strangely enough fund nearly every left wing organization in this country. Why? Bankers don't care who runs the country as long as we spend a ton of money and borrow it from them.They own both parties.

This book has a lot of information we are not being told

Quoting the first 2 sentences of the book:"In the American system, citizens were taught that the transfer of political power accompanied elections, formal events when citizens made orderly choices about who shall govern. Very few Americans, therefore, understood that the transfer of power might also occur, more subtly, without elections."Unfortunately, Greider is right about most Americans' stunning ignorance about how they're really governed, although one could argue that more and more people are waking up to the fact that all is not as it seems on the surface. So far, so good - but then, in the next paragraph, without mentioning the Federal Reserve by name, he says:"It was part of the national government, yet deliberately set outside the electoral process, insulated from the control of mere politicians."Good propaganda must be mostly truth to work. As I write, this book has a rating of 4 1/2 stars out of 5. This is an indication that the majority of reviewers have bought into the well spun propaganda Greider delivers.The Federal Reserve is a 100% privately owned corporation, carefully set up to appear as though it is an arm of government. It was created solely for the benefit of it's shareholders, a significant proportion of which are foreign. Greider could have mentioned this extremely important fact at the outset. Instead he deliberately helps perpetuate the myth that "The Fed" is public.He spends the rest of the 700+ pages going into excruciating detail about The Fed's decisions and their direct effects on the economy, with a focus on the time of Volcker's reign. If that's what you're looking for, this is the book for you. If you're looking for true insight into The Fed, its origins, who it benefits, and how it directly controls the largest economy in the world (and indirectly many other economies through their privately owned central banks) at the expense of everyone else, then I'd suggest reading "The Creature from Jekyll Island".Why 1 star? I don't like propaganda deliberately designed to mislead people who are seeking truth about a subject which affects all of us. The few citizens that take the time to research a subject so important to all of us deserve better than to be distracted by true - but on the whole, irrelevant - information.

Here is a quick overview of how I figured out the monetary system to the point of being confident that my understanding is reasonably correct and being able to explain the basic scam in about 45 minutes. First I became convinced that if I am ever going to understand how the world works I should probably figure out an answer to the question "what is money?" Surprisingly, a search on Amazon.com did not return very many books on the topic. Like any good college educated liberal I chose the one book which garnered praise from all my favorite trusted sources such as the New York Times and the Washington Post. I didn't see how I could possibly go wrong spending $12.92 for the 800 page book "Secrets from the Temple: How the Federal Reserve Runs the Country", which The Nation said, "May be the most important political book of the decade." Unfortunately, after reading William Greider's 10 year, day by day account of Federal Reserve Chairman Paul Volker's back and forth decisions on raising and lowering interest rates, I still did not have the foggiest clue as to what money is or how it is created. I'm sure most people would have given up at this point but I was not ready to throw in the towel. For some reason I was not convinced by the book's conclusion that it was critically important to maintain the money mystery because "Taboos uncoded lost their power to persuade...The mystery was necessary, therefore, to sustain social faith. Knowledge was disturbing. Not knowing the secrets was reassuring." I needed another book, however the only ones that the New York Times seemed to recommend were all described as condensed versions of "Secrets of the Temple." I had no choice but to bite the bullet and for the first time in my life order a book which was not recommended by the New York Times. I ordered "The Creature from Jekyll Island: A Second Look at the Federal Reserve by G. Edward Griffin. At least Willie Nelson seemed to like it. Actually, I wasn't quite sure if Willie Nelson was wholeheartedly endorsing the book in his review which simply read, "Scary. It's the story of the world banking system. Enough said." I was quite pleased that Jekyll Island contained a pretty good description of the money creation process. However, the book contained a lot more than that. All I can say is that I often see my life as divided into two main periods; before reading Jekyll Island and after reading Jekyll Island. I finally knew what Willie Nelson meant by "scary." Now that I was starting to really get somewhere in figuring out how money is created, I needed to find more information to clear up some of the details. My wife even got involved in the search for truly academic and scholarly information. I will be forever indebted to her for discovering a free downloadable copy of a book entitled "The Mystery of Banking" by Murray Rothbard. This was exactly what I had always been looking for. It clearly explained the process without dumbing it down in any way or obfuscating the details in order to "sustain social faith." That is essentially how I got started in learning about money. I have found this to be the most fascinating field I have ever encountered and I am very glad that I didn't take William Grieder's advise to remain blissfully ignorant.

Definitely one of the best books I've ever read. I concur with another reviewer who said that it explains central banking better than any college professor ever has.My only criticism (similar to Dale Franks') is that Greider's main grumble, i.e. that the Fed is mainly out to protect Money's interests, is a bit shallow.It's no doubt true that bankers and plutocrats lobby vigorously for higher interest rates, and that the Fed Chairman depends, at least to a degree, upon their support... But, realistically, how could the world be different? What system could possibly be better than the current compromise? I doubt Greider would seriously maintain that things would be better if the Congress ran the Fed, which would almost directly lead to an unstable currency. It's true that Volcker's medicine was harsh, but are we to imagine that bondholders could have been convinced to accept lower long-term interest rates by moral suasion or government promises?It's sad that the little guys suffer the most from high interest rates, but don't blame the Fed. Don't blame anyone!Still, though, with a book this great, Greider earned the right to make a political statement in the midst of what really is a set of difficult technical issues.

One might think of William Greider's "Secrets of the Temple: How the Federal Reserve Runs the Country" as "Central Banking for Poets." If you've ever scratched your head in wonder when reading how Alan Greenspan and the Fed have "lowered interest rates" or are "easing monetary policy," this book will be extremely enlightening and well worth the time it will take you to plow through all 700 plus pages. If (like me) you majored in economics, you'll be surprised how much better Greider is in explaining arcane economic theory than your college professors (and you'll probably learn -- or re-learn -- quite a bit in the process).The focal point of the book is the celebrated and controversial tenure of Federal Reserve Chairman Paul Volker (1979-1987), but the mechanics of central banking so clearly and concisely explained are just as much applicable today as in 1980 - or 1950 for that matter. Greider divides the book into three more-or-less equal thirds. The first covers the inflationary surge of the 1970s, Carter's tenuous decision to appoint Volker, and Volker's radical move of abandoning the control of interest rates in favor of controlling the nation's money supply. (In other words, a shift from the Keynesian orthodoxy dominant in the post-War period in favor of a monetarist approach more in line with the theories of the iconoclastic economist Milton Friedman.) The second, and most informative third provides an historical overview of central banking and its development in the United States. For those solely interested in a better understanding of central banking and the US Federal Reserve in particular, this book will be worth your while even if you only read this middle section. The final third deals with Volker's punishing monetary policy during the early 1980s, as he attempted to destroy lingering anticipation of inflation and the incredibly simulative effects of the Reagan era federal deficits and tax cuts.Greider is highly critical of Volker's performance as Fed chairman. In short, he argues that far from being the independent and benevolent Shepard of the economy it often claims to be, the Fed, in practice, is beholden to its most powerful constituency: the major money-center financial institutions (i.e. Citibank, Bank of America, etc.). Traditional central bankers view combating inflation as their primary professional objective, which tends to favor creditors at the expense of debtors. Grieder suggests that in waging war on inflation the Fed in effect was waging war on the millions of ordinary Americans struggling to make end meets and keep their heads above water.Whether you agree with his conclusions or not, Greider's "Secrets of the Temple" is exhaustively researched, expertly written, and extremely enlightening.

I'm not going to recap the book contents; others, who have read the book more recently, can do a better job of that. I will tell you, instead, about its long term impact.It's been probably fourteen years since I read _Secrets_of_the_Temple_ and it still haunts me as one of the most important, most influential books I've read in my 46 years of life.The common beliefs that the Fed is near infallible, that it always knows what it is doing when it takes action, and that 80 years since the last Depression is proof that the Central Bank will always pull us through are more mistaken than most people would believe. Reading the history of Central Banking will open your eyes considerably, I think. Oh, yes, and this book is actually a pleasure to read -- it's that smoothly written.

Although I read this book years ago I'm reviewing it today because I perceive it is very important that more of us understand money, our monetary system and the intersection between money and power. Recent financial meltdowns in Thailand, Russia and Argentina provide a roadmap of the risks we face and which could be coming home to roost.William Greider's book is a good introduction to the system. It's well written, informative and easy, entertaining reading. Early in the book he asks a question about why it is that during the period leading up to the end of the 19th Century "Money and Monetary Systems" were hot topics in American political life, but today they are really off the radar screen? That's a good question. Do you know the answer? I'd bet the answer is you, like most Americans probably don't. This book will give you the understanding you owe it to yourself to get. After all, it's your money.

I have only used this book as reference, even though it is intended to be read as a regular text. It is fairly well written with some indepth coverage of the FED (mainly in the 1980's).

Although some might state that Greider has a liberal slant (I'd say more popularism than liberal) it is indeed a long and good read. In particular it shows the reserve under Volcker from the late 70's to early 80's. Many have praised his successor Alan Greenspan, however the real reasons as to are quite sad.Volcker simply went from one extream to another in modetary policy.He single handedly put the USA into a recession in the early 80's.He took years to actually understand that rates should go up and down S-L-O-W-L-Y, rather than making the rates change almost every day (which they did).Quite recently he's been picked to audit Anderson Consulting, that's like taking a sledge hammer to swat flies.Sure it can get the job done but it's going to be messy afterward.Considering the recent events with the economy (the terrorist attacks, dotcom crash, election debate etc).Greenspan will have to answer some serious questions (why the rates weren't lowered in 2000).Reading this books shows how much buracracy there can be simply in the establishment of a fiat currency and running it efficiently (or lack of)

If you loved this book, my GOD wait until you get your hands on THE UNSEEN HAND by A. Ralph Epperson. Published in 1985 this book clearly explains how the FED came about, and yes, the private international bankers ARE running the world through this PRIVATELY held institution. The war amongst the classes is a sham and most of us are the pawns led astray by a complacent spirit of real justice and a duplicitous Fourth Estate. Premised on the hypothesis that history is not an accident, this book answered questions I've long held about historical events whose stated causes never seemed to match up to the events and surroundings of their time. As I told my lawyer friend the other day "IT GETS DEEPER!" The Fed is just the culmination of the attempts of the International Bankers and their secret societies to impose The New World Order that former President Bush was bold enough to openly declare. That should tell us all how "THEY" obviously feel that their centuries old dream is within grasp. Starting from the Revolutionary War on up (Did you know that Russia was our ally in that war and the war of 1812? I never learned that in history class. Or that a young Karl Marx and his wealthy friend Mr.Engels, the fathers of Communism played and made money on the British Stock Market? The bastion of Capitalism at the time. And that Mr.Marx despised work and the working class? That he basically was a liar or politician, take your pick of the synonyms. He was an agent, a pawn, a complici-tor in The Great Deception.) it's always been about money and CENTRALISED BANKS. Now I understand the saying that the British (BANKERS) actually won the war. Wars take financing. Who was behind the wars? The INTERNATIONAL BANKERS. These facts should not be shocking. They were openly debated throughout the 18th and 19th centuries. Presidents, Statesmen, Generals, and the Captains of Industry, who weren't a part of the dubious affairs, all warned us about the inherent danger in letting banks lay hold to the Mechanisms of the Republic. Wouldn't we all love to be able to print money with out a real backing? Jefferson warned us. Hamilton took part in the scam. Lincoln feared the POWER. The Zero Factor Presidents died because of their defiance. Taft lost his reelection for open courage and blatant defiance. They tried to bankrupt Henry Ford for his resistance to them. As a previous reviewer noted M. Rothchild said it matters not who makes the laws, as long as he and his ilk controlled the money supply. How right he was. Please revisit all the so-called Panics and Crashes and see what really happened. I'll explode if I start to delve into them just now. There was hope however as some banks woke up and started to leave the FED during the Seventies, but corrupt liars/politicians, the aforementioned (in other reviews) Fed Res. Chairman Volcker, and a wimpy President Carter, passed and signed into law The Monetary Control Act of 1980 which gave complete control of all banking institutions and the Money Supply to The FED. My GOD and as Jan Novak said, "Not a SHOT was fired." The dupe was complete. We were fully bamboozled, hoodwinked, whatever... As many feel Grieder should be required reading, it makes me wonder how many of our so called educators are in on the game as I feel The Unseen Hand should be given to all Americans at birth so that the lies won't have a chance to take root in their believing minds. Aside from the Autobiography of Malcolm X this is the most important book I have ever read and I'm only a third of the way through it. If Grieder opened your eyes, Epperson's light of TRUTH may blind you. (....) . The Truth will definitely set us all free. Best Regards, Sav44

This is an excellent expose of the origins and mechanisms of the Federal Reserve. If you want to study these subjects, this is probably the best basic text you could find. I can't stress this point too strongly - if you want to learn about the Fed's nature and history, this is **the** place to start. Unfortunately, the author injects his liberal political biases in the sections that deal with the concrete analysis of the Fed's policies during the Reagan era. This is based on the idea that there is something "progressive" and "egalitarian" in inflation, the economic dragon that Reagan wanted so fiercely to slay. Such a notion is absurd - inflation corrodes the buying power of money, regardless of one's economic status, because America's rich and poor both use one currency. In fact, inflation is probably worse for the poor than for the rich;.... The smaller amount means more, because there is less left over. This apparently simple notion seems to have escaped the author. It is also somewhat ironic that the author is crediting one of Reagan's policies with an economic achievement; standard liberal practice is to deny that Reagan achieved anything economic. Still, if you can ignore these flaws, then the book should not give you any trouble.

Bill Greider tells a darn good story, even when the story concerns the impenetrable mysteries of monetary policy.This is an encyclopedic study of the Federal Reserve under Paul Volcker. To tell this story, Greider illuminates what monetary policy is, how it works, and how it is made. The book is written in crisp prose, with an almost novel-like writing style. It is the best book available for anyone who wants to know just exactly what it is that Alan Greenspan has been doing for all these years, and why it is so important.The only problem with this book is that Mr. Greider has a "point", which is the old populist refrain of the rich versus the poor, the owners of capital versus the producers of it.In reality, of course, the situation is far more complicated than Mr. Greider makes it. The owners of capital aren't sitting around sipping Curvoisier and puffing on fine Havanas. For the most part, they are the people who are actually providing the money to run and expand businesses, and to provide all those jobs that keep the producers...well...producing. Oh, and by the way, a majority of Americans are now invested in the stock and bond markets, which makes them owners of capital as well. Mr. Greider seems to view these two groups as distinct classes. In the real world, the lines that separate them is very blurred, and becoming more indistinct every day.So, be aware that Mr. Greider is not just telling a story, but selling an idea. It is a politically compelling idea for some. It may not, however, be entirely reconcilable with the economic truth.

I've imagined a Nader cabinet...well, it's ok to dream the impossible dream, isn't it? Mr. Greider or Mr. Galbreaith would be Fed chairman, and it wouldn't be a very strong agency, eiether, the Federal Reserve. Or I could see Mr. Greider as Defense Secretary...LockMartin would not be a winner but the young people in uniform would get good raises. Oh, well, enough dreaming. Greider's book on the Fed brings us into a history of the U.S. that history books and cable channels don't even want to get near. Superb political reading.

A good basic look at how the Fed operates. However, Greider is a bit biased toward the left here, I mean he basically takes the Populist "rich vs. poor" stance throughout the entire book. Almost a fan of inflation, Greider does not seem to realize that such an environment stifles any incentive toward investment in the future. Without this investment, the 55% of Americans that Geider believes are the "victims" of Federal Reserve Policy would eventually be without jobs. However, all political views aside, the author does an amazing job of putting the operation of the Fed into layman's terms. In addition, the research done to produce this piece is impressive. Again, although I disagree with his politics, this book is worth a read.

Greider's book has a rare overriding virtue. It makes makes the unknown known. Few institutions are more remote and mysterious to the average citizen than the Federal Reserve Board. Yet few forces wield more year to year influence over our lives than this banking fraternity. The book is aptly titled. In 700 sometimes overlong pages, Greider traces the inner workings and history of the Board in terms that the average intelligent reader can comprehend. We see how decisions are weighted in favor of the have's over the have-not's. We see how interest rates can be manipulated to bring about certain results, such as damping down wages in the name of anti-inflation. We see how an unelected elite can exercise more direction over the nation's future than an elected president, as happened during the Carter administration. Is it desirable to invest such powers in a single board. Maybe. But first a goodly portion of the voting publicshould at least know what the issue is. Greider's book goes a long way in explaining the nature of the problem. I expect Greider is none to popular among economics professors for being a popularizer. But it's high time others like Greider started working that critical connecting ground between academic abstractions on one hand, and ordinary experience on the other. If you're reading this, you need to pick up the book.

A didactic and turgid historical narrative about the Federal Reserve (the Fed), focusing on the Volcker era. The first part has some interesting tidbits. For example we learn that the Fed did not think it should pay property taxes on its Washington headquarters building because it was an "independent government agency." However, the member banks paid the US government $750,000 for the land and got a deed from the Treasury Department. How can the US government sell property to itself, the Washington DC assessor asked. Good question. The Fed lawyers insisted it could, only to find the property in foreclosure some years later. Eventually the Fed had to quit claim the property back to the government. A nice example of the arrogance of power and lack of accountability of some government agencies. Greider does a fair job on explaining the mechanics of how the Fed operates to control interest rates, this part of the book has some real information. Alas much of the book consists of moralizing against the high interest rates we got after Jimmy Carter appointed Paul Volcker chairman of the Fed. He provides seemingly endless details about the winners (those who hold financial assets) and the losers (almost everyone else). His argument in a nutshell: people who have money get interest on this money and they don't really need it or deserve it. On the other hand people without surplus money can lose their jobs, homes, farms, businesses, even their lives. Thus Paul Volcker emerges as the "slaughterer of the innocents." He inflicted more pain on the US economy than was necessary and a tiny minority reaped the benefits.Despite the immense amount of detail and extensive reference notes, Greider does not say much that is new, and at times he seems ignorant of basic finance. For example he claims that as a result of high interest rates driving up the dollar, a bushel of wheat that sold for $3.85 in Kansas City would fetch $5 or $6 in Europe, an apparent violation of the law of one price. He does not explain why arbitrageurs would not have closed this gap in short order. As to the rewards for collecting interest here is the record. One dollar invested US T-Bills at the end of 1925 grew to $14.25 in 1997, an annual compound return of 3.8%, but inflation had an annual compound rate of 3.1% over the same period. If we include the effect of taxes then the return is negative. So in general you do not make money collecting interest unless you make risky investments. How about during the rein of Volcker? For the period 1979-1988 adjusting for inflation, the T-Bill return was about 6% without allowing for taxes. If we take off 2% for taxes, then one dollar becomes about $1.50, for the whole decade. Nice but not thrilling. The ruling classes in the US do not make their money from interest. In this sense the thesis of the book is flawed. However, the idea of having an unaccountable quasi-governmental agency, neither fish nor fowl is another matter. Our elected leaders should make policy decisions and face the heat instead of hiding behind these synthetic agencies. On this issue the book is right on.

While this book dismisses in one paragraph the idea that the Federal Reserve System was born of a conspiracy, it than goes on for over 700 pages to describe in fascinating detail the operation of, what must surely be the most sinister conspiracy ever hoisted upon mankind, the Federal Reserve System. The author is not a conspiracy theory kook or a John Birch society member, but rather an ex Editor of the Washington Post. The book is endorsed by Ted Kennedy, The Washington Post, and the NY Times, all noted for their liberal bent. It is not a politically motivated book but rather a shocking expose of the organization of banks that controls our economy and the worlds. Instead of "and that government of the people, by the people and for the people", the Federal Reserve system has made it "government of the banks, by the banks, and for the banks shall not perish from the earth". It is clear from reading this book that our economy and the world's economy is controlled by a handful of very powerful bankers. Our President and Congress have abdicated all responsibility via the Federal Reserve act of 1914. As Meyer Rothschild, Europe's premier Central Banker, said, "Give me control of the issue and value of money and I care not who makes the laws". Our government has no say whatsoever in the direction our economy is taking or for that matter how much of our money (printed by the Fed) is loaned to foreign countries. The banks have complete freedom to loan whatever amounts they choose to whichever countries they choose. If the interest on the loans cannot be repaid, they simply have the Fed print more money to loan enough to pay the interest. This book makes it clear that our entire financial system is built on a house of cards for the exclusive benefit of the banks that control it. They benefit in boom times and when there's depression and they are solely responsible for both. If you're concerned about your economic survival, your own personal freedom and our country, you should read this book. It wil enlighten you and also frighten you.

Mr. Greider's book is a serious and controversial attempt to unlock the mysteries of the Federal Reserve Board - an institution that remains an enigma to most Americans. After reading this book, you will see why Fed Chairman Alan Greenspan is described as the second most powerful man in America. Greider not only goes behind the scenes to explain Federal Reserve policy from 1979 to 1986, he challenges the reader in a debate about the direction of monetary policy and more importantly, the desirability of having a Federal Reserve Board in the first place. I applaud Mr. Greider for bringing up this question that trancends the current political debate. But I do not agree with his proposal to put the Fed's powers in Congressional hands. That would only bring us back to the 1970s where political pressure on the Fed produced an easy money policy and inflation. Reversing this trend led to the harsh recession of 1981-82, which Greider despairs over. Our best hope is to keep the Fed in the hands of sober, intelligent people who put the needs of citizens over the needs of politicians.

It is fervently wished from this quarter that more readers will invest the time to digest this remarkable synthesis of the financial overworld.Given that the typical lifestyle is more hustle and bustle with little time for self-improvement and knowledge acquistion, I would heartily urge the reader to get a copy of "Transfer-the end of the beginning, by Jerry Furland. It is a most remarkable vision of where we are headed as a nation. One caution: You will lose sleep as a result. One reward: You will have learned more that you could believe possible from a novel. And, it's only a couple of hundred pages long. I like that...

I thought I was reasonably well educated but now see that I was clueless how the U.S. monetary system works. This book explains the stagflation, inflation, recession all the baby boomers have suffered through in their adult lives as well as the current boom. It is enlightening, if not frightening, to learn that what the Fed does, not what Congress or the President do, governs our properity, the extent to which our economy and unemployment rate is manipulated and just how little democracy is involved in the process. A course on this subject should be required reading from high school up and everyone of our political candidates, Senators and Congressmen should read this book. It is particularly timely now, given the current aspirations of the Fed to slow the American economy, whether the rest of us like it or not.

Reviewers either loved or hated this book. I fit in the middle. This book would have been a 5 Star, 400 page review of the workings of the Fed and an introduction to the study of money our country. Unfortunately, Secrets of the Temple is over 700 pages. A little tedious, but just worth the wait.