The Federal Reserve System, as the central bank of the United States, is one of Washington's most technically complicated, historically opaque and, more recently, dynamic power centers. But Jeanna Smialek's Limitless turns readers into insiders. With capable reporting, extensive research and shrewd assessments, Smialek, Federal Reserve reporter at the New York Times, tells a thorough history of the financial institution and provides a minute-by-minute account of its extensive economic response to Covid-19. The Fed, an overseer of the country's banks and money supply, was founded in 1913 and was controversial from the start: critics feared its unelected officials' power over the economy. Transformed by crises and visionary leaders, such as Marriner S. Eccles, businessman turned staunch New Deal advocate and Fed chairman for much of the 1930s and 1940s, the Fed has taken on an even greater role with its response to the Great Recession and with the extraordinary scope of its federal, municipal and corporate bond buying against the formidable economic pressures of Covid-19.
Smialek's vast research and historical accounts provide academic weight and vital context, and her social chronicling lends intrigue, narrative momentum and crucial insight into the interpersonal dramas that can move policy as much as data, reason and results. Not merely resting on her abilities as a popular historian and chronicler, she asks hard questions about the Fed's design and function. The book's historical lessons, contemporary reporting and critical analyses make it indispensable for experts and concerned citizens alike. --Walker Minot, writer and editor