Limitless

The Federal Reserve Takes on a New Age of Crisis

By: Jeanna Smialek

Narrated by: Barrie Kreinik, Jeanna Smialek

Length: 10 hrs and 51 mins

Publisher's summary

AN NPR BEST BOOK OF THE YEAR • This fascinating deep dive into one of the most powerful and least understood American institutions—the Federal Reserve—is “a riveting narrative...[and] an invaluable guide to the monetary policy debates of the last few years" (Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance).

“The best book on the Fed in our time and a model of financial writing.”–Kirkus

The marble halls of the Federal Reserve have always held secrets; for decades the Fed did the utmost to preserve its room to maneuver, operating behind the scenes as much as possible. Yet over the past two decades, this elite world of bankers and economists speaking a language that only monetary experts could understand has been forced to change its ways. Amid rising inequality, weakening global economic prospects, and a pandemic, the central bank has entered into a new era of transparency and activism that has changed its role in modern society in subtle but remarkable ways.

Limitless tells the inside story of this deeply impactful transformation, and what it means for ordinary Americans. Focusing on characters such as the Fed chairman Jerome Powell; the Vice Chair for Supervision Randal Quarles; Vice Chair Lael Brainard; the Minneapolis Fed president Neel Kashkari; and the long-ago Fed Chair Marriner S. Eccles—and driven by the rising tension between Main Street and Wall Street—this is a thrilling account of the modern Fed’s inner workings during a crucial inflection point in history.

©2023 Jeanna Smialek (P)2023 Random House Audio

Critic reviews

"In the thick of the inflation battle, it is tempting to emphasise the Fed’s missteps. Limitless is a useful corrective. [Smialek] provides a bracing account of just how badly things could have turned out when covid shutdowns led millions to lose their jobs overnight—and pushed the financial system to the brink of collapse....An intellectual shift had persuaded officials that they could let the labour market run hotter than once believed without triggering an inflationary spiral....Smialek paints nicely textured portraits of the main participants in these debates." —The Economist

“In Limitless, Jeanna Smialek has crafted a riveting narrative of some of the most astounding few years in the history of the Federal Reserve, a period like no other, during which the economy went from boom to bust and back again, in which the Federal Reserve found itself swinging from one goal to another—first employment, then preventing a collapse of the financial system, and finally to curbing inflation—all the while being battered by criticisms from all sides. As well as being a fascinating read, the book is an invaluable guide to the monetary policy debates of the last few years.” —Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance

"In this engaging and highly-readable-book, Jeanna Smialek provides penetrating insights on a matter that affects us all: the Federal Reserve’s evolution in the face of a fluid global economy, fragile finance, and a changing America. Through the eyes of Marriner Eccles, a giant in Fed history, Smialek reminds us that central banking rests on a delicate mix of historical foundation and continuous experimentation. This book is about much more than the Fed’s tricky trade-offs between Main Street and Wall Street, accountability and independence. It is a must-read book for all those wishing to understand how an often-mysterious institution has ended up having such a disproportionate impact on so many economic, financial, political and social matters. —Mohamed A. El-Erian, President of Queens’ College, Cambridge University and best-selling author of The Only Game in Town

very informative

very well written! The author was able to bring a lot of ideas into one place!

Worth a Listen

Excellent introductory overview of the Federal Reserve and its pivotal role in U.S. Economics.

Great

Listened to the whole thing in one day. Amazing book, learned a lot but was kept engrossed (literally) the whole day. Honestly the only thing I could ask is for Jeanna to go back and add 5 hours of whatever content she felt would be fun. Because I would love to hear it. 10/10

Filled in all the gaps

An extremely informative book, clearly and concisely written. Every sentence seemed to deliver a payload of insight.

A Timely Examination of the Federal Reserve

"Limitless" is a timely and insightful examination of the Federal Reserve's role in managing the economic turmoil of our times. The book delves into the history of the Fed, exploring its response to the pandemic and ongoing crises in the banking system. While the author acknowledges the effectiveness of the Federal Reserve in handling the economy with the tools at its disposal, the book raises important questions about the responsibility of our legislators.

In this day and age, it is concerning that our legislators have not done more to safeguard deposits, strengthen banking regulations, and promote faith in our financial systems. "Limitless" highlights the growing need for legislation that ensures greater protection for depositors, as many individuals and small businesses are already surpassing the $250k limit.

The book provides an excellent introduction to the Federal Reserve's role and responsibilities, encouraging readers to demand more from their legislators. By illuminating the limitations of the Fed and the crucial role of legislation, "Limitless" is a must-read for anyone seeking to understand the complexities of our current financial landscape and the need for change.

Decent book. Hard read. Rough reader.

Title says it all. I have no doubt that Jeanna Smialek is a great reporter, but the book was tough for me. I might just be a little too dumb for this kind of book. I wish the voiceover was better too.

Liberal leaning nonsense

The book started off decently then dove into a complete woke finger pointing session