The Federal Reserve System: Purposes & Functions
Written by the Board of Governors of the Federal Reserve System, this is the official book for explaining the FED to the public. It does a fairly good job of explaining what the FED does and how it does it, with the exception of all the interesting stuff that happened since the mortgage crisis. It’s nice to hear the other side of the story after all the activists who want to eliminate the FED. After reading this, you will probably feel that it isn’t so obvious that the FED is harmful, and that it seems to try to do a lot of good things. And certainly it is impressive how little it uses its coercive power and how much it uses free-market tools that private individuals could use themselves.
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