The Courage to Act [antikvár]

AUTHOR'S NOTE In all crises, there are those who act and those who fear to act. The Federal Reserve, born of the now little-known Panic of 1907, failed its first major test in the 1930s. Its leaders and the leaders of other central banks around the world remained passive in the face of ruinous deflation and financial collapse. The result was a global Great Depression, breadlines, and 25 percent unemployment in the United States, and the rise of fascist dictatorships abroad. Seventy-five years later, the Federal Reserve—the institution that I have dedicated the better part of my adult life to studying and serving—confronted similar challenges in the crisis of 2007-2009 and its aftermath. This time, we acted. The title of this book was inspired by my colleagues at the Federal Reserve, policymakers and staff alike. When the economic well-being of their nation demanded a strong and creative response, they mustered the moral courage to do what was necessary, often in the face of bitter criticism and condemnation. We were joined in the fight by others in government—the leaders and staff of the Treasury Department under two administrations deserve special note—as well as many of our counterparts at central banks and finance ministries around the world. I am grateful to all of them and proud to have been part of the global effort to contain the most dangerous economic crisis of our time. I am most grateful, however, to my wife, Anna, the love of my life, for suggesting the book's title—and for so much more, as will become clear.