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Engine of Inequality, by Karen Petrou

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.

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“Petrou’s book uncovers a hidden engine of our skyrocketing inequality: financial-policy. In an accessible and engaging prose, Petrou takes us through the inner workings of monetary policy at the Fed and financial regulations, how they’ve made inequality worse and how they could instead be retooled to take us to a more equitable future. A novel look at the problem of inequality and bold ideas to help resolve it. A must read.”—Emmanuel Saez, Professor of Economics at the University of California Berkeley and author of The Triumph of Injustice

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Industry Expert

Federal Financial Analytics (FedFin) is a Washington-based financial services-consulting firm that has for decades attracted a high-powered clientele in Washington, on Wall Street, and among global central bankers. Since 1985 FedFin has provided a unique blend of analysis and strategic advice on public policy, regulatory, and legislative issues for industry and governmental clients doing business in the U.S. and abroad.

A proprietary think-tank for its clients, FedFin reviews critical federal and global policy developments in banking, insurance, asset management, and mortgage finance, analyzes them in great depth, and then advises clients on whether what they want can be made to work for them, within the policy environment and for the financial system. It is FedFin’s guiding principle to be an honest broker, and clients depend on the fact that the firm does not offer lobbying or any other services that could compromise its objectivity and independence.

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In the News

Marketplace, Thursday, June 23, 2022

June 24th, 2022|

Here’s why the CFPB is concerned about credit card late fees By Justin Ho The Consumer Financial Protection Bureau announced this week that it’s looking into the fees that credit card companies charge consumers for late payments — specifically, whether those late fees are “reasonable and proportional” to the amount [...]

American Banker, Wednesday, June 15, 2022

June 15th, 2022|

Did bank regulators just get a green light for climate stress tests? By  Kyle Campbell Internationally active banks could soon be required to conduct internal scenario analyses and undergo stress tests related to climate change. Both measures were called for as part of the Basel Committee on Banking Supervision’s newly [...]

Barron’s, Saturday, June 4, 2022

June 4th, 2022|

The Fed’s Anything-We-Can-Think-Of Monetary Policy Isn’t Working By Karen Petrou The day Jerome Powell won his second term as Federal Reserve chair, he said he couldn’t promise a soft landing and hadn’t meant to commit his fellow policy makers only to fifty basis-point hikes. He has also walked away from [...]

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Economic Equality Blog

Economic Equality Blog is aimed at showing central banks and financial regulators how to put their formidable thumbs on the equality scale in favor of those whose income and wealth suffer so much in the wake of the great financial crisis.

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