"The Federal Reserve’s faith in monetary policy shows how startlingly little it understands about its disconnection from Main Street."

Buy the book here

"[O]ver several decades, a phalanx of economic sophisticates at the U.S. Federal Reserve Bank [i.e., America's central bank] have badly misunderstood the U.S. economy and often come up with policies that fail to produce the intended results.
    "It goes something like this: The Fed and most mainstream academic economists believe that a deft manipulation of monetary levers can increase employment or control inflation. But this implies a direct connection between the Fed and Main Street. The truth is that any monetary-policy intervention must be mediated through the financial system, a complex organism made up of millions of individual bankers, pension savers, fund managers, private-equity investors, day traders and others, all with their own incentives. The Fed understands startlingly little about how this financial system transmits its policies to Main Street."

~ Joseph C. Sternberg, from his review 'The Lords of Easy Money Review: An Inflated Sense of Ability'