Spread the Fed

Robert C. Hockett is Edward Cornell Professor of Law and Professor of Public Policy at Cornell University, USA. He is Senior Counsel at Westwood Capital, a socially responsible investment bank, and Visiting Professor of Finance at Georgetown University's McDonough School of Business. Formerly with the Federal Reserve Bank of New York and the International Monetary Fund, his teaching, research, and writing interests lie in the fields of organizational, financial, and monetary law and economics in both their positive and normative, as well as their national and transnational, dimensions. His guiding concern in these fields is with the legal and institutional prerequisites to a just, prosperous, and sustainable economic order. He is author of Financing the Green New Deal and The Citizen's Ledger.

Introduction: The once and future distributed fed.- Part I. Loving and hating on collective political agency: Three productive-republican monetary histories.- Chapter 1. Three ages and stages of American money.- Chapter 2. Central banking with 'federalist' characteristics: The long overdue coming of the fed.- Chapter 3. Central banking with centralization: The breakdown of the 1913 compromise and the republican fed.- Part II. Central banking's early 'operating system': The real bills doctrine.- Chapter 4. Theoretical preliminaries: Scissors require two blades : Endogenous money, its modulation, and its allocation.- Chapter 5. The scissors in retrospect and prospect: Real bills, truths and falsehoods.- Chapter 6. The fed after 1935: Where we are now.- Part III. From national degeneration to regenerative fed decentralization.- Chapter 7. Crises and de- or re-generation.- Chapter 8. Distributing over markets alongside geography: The federal reserve, other reserves, and sipi collaring.- Conclusion: The old made new.