By Craig Karmin
“A notable historic, political, and monetary exam of the dollar.” –BooklistCraig Karmin’s in-depth “biography” of the greenback examines the facility of the Federal Reserve, the internal sanctums of overseas critical banks that stockpile forex, and the little-known circles of foreign currency investors who confirm a currency’s worthy. It’s “a strangely enjoyable and informative social historical past of the forex that makes the realm economic climate move round,” says Kirkus reports. “An magnificent booklet that are supposed to be required studying for someone whose destiny will depend on realizing how the buck is valued and manipulated." –Timothy Ferriss, number one ny occasions bestselling writer of The 4-Hour Workweek“An indispensible consultant to figuring out the way in which either the U.S. and the area economies paintings and the dollar’s function in holding the industrial skids greased." –Ram Charan, coauthor of Execution: The self-discipline of having issues performed and The Game-Changer“It’s demanding to visualize a extra interesting e-book on any such very important subject.” –Bloomberg.com“Craig Karmin’s luckily timed Biography of the greenback argues that the greenback’s fresh plunge is greater than only a marketplace tumble.”–Portfolio
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Extra resources for Biography of the Dollar: How the Mighty Buck Conquered the World and Why It's Under Siege
Economy faced a recession and rate cuts. There goes that yield advantage that had attracted foreign investors to the United States. His conviction was so strong that he gave the dollar a one-in-three chance of collapsing, a move he deﬁnes as tumbling 20 percent or more over a period of a few months. S. ﬁnancial markets, and with the dollar at the center of the global economy, it could have powerful effects on stocks and bonds worldwide. FISHING IN THE THREE-TRILLION-DOLLAR POND 55 “I think 2007 will be a very tough year for the dollar,” Taylor said.
Trading had opened in Asia and the dollar was staging an unexpectedly powerful rally against most of the Paciﬁc Rim currencies. The FX Concepts traders were all being paged by their contacts on Wall Street, who wanted to know if they were interested in trading during this big dollar rally. Weiser excused himself from the table and scanned the noisy restaurant for somewhere he could have a bit of privacy and quiet. He needed to shake off the effects of his drink and think fast about what to do. Even more important, he wanted to be out of earshot of the sales brokers at his table.
But it’s not a risk-free proposition. The once high-ﬂying hedge fund Amaranth Advisors LLC suffered billions of dollars in losses in 2006 that were directly related to bad bets that became catastrophic because of borrowed money. The ﬁrm reportedly had leverage of about ﬁve-to-one for its unsuccessful wagers on the direction of natural gas prices. Despite the risks, more investors are involved with betting on currency movements than ever before. 2 trillion. Widespread predictions that foreign exchange volume would dry up with the introduction of the euro—when a dozen individual currencies were replaced with a common one—proved misguided.