Currencies After the Crash: The Uncertain Future of the Global Paper-Based Currency System Hardcover – 1 Oct 2012
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From the Back Cover
From the game-changing consequences of the U.S. dollar replacing the British sterling as the world's reserve currency to the beginning and end of the Bretton Woods Agreement--exchange rate policy drastically changes the way we do business, consume goods and services, and createwealth. The global financial system is once again on the cusp of change, affected by the European debt crisis, the rebalancing of the Chinese economy, and the Federal Reserve's controversial policy of quantitative easing, to name a few. To help investors in all walks of life understand and adapt to the changes ahead, Bloomberg Television's Sara Eisen presents Currencies After the Crash.
In this insightful and timely book, Eisen brings together the world's leading minds in the foreign exchange market. These brand-new, never-before-published essaysfrom renowned academics and sought-after practitioners delve into the global financial system's instability, potential solutions and surrounding controversies, and how specific changes will affect your future wealth. Thiscomplete resource gives you all the fundamental background needed to understand the more complex issues that follow, including:
- Will the U.S. dollar lose its precious reservecurrency status?
- How have central bank policies affected the world's major currencies?
- How does China's control over its currency affect the world?
- What are the benefits and dangers of a shared currency like the euro?
- How has the U.S. dollar’s prominence declined since the financial crisis?
- What is the responsibility of global groups like the International Monetary Fund and G-20 in foreign exchange?
- What role, if any, should gold play in theinternational monetary system?
Start adapting your investing strategies today based on tomorrow's fiscal changes with Currencies After the Crash.
About the Author
Sara Eisen is a correspondent for Bloomberg Television. She appears on Bloomberg Surveillance, Bloomberg's TV program that begins the day's conversation on business, economics, finance, and investment. She also can be seen daily on Bloomberg TV's Lunch Money mid-day program. Based in New York City, Eisen specializes in covering global macroeconomics, with a focus on foreignexchange and fixed income markets. She has extensively covered the European debt crisis, interviewing top political leaders and finance ministers from Germany to Greece; she also frequently moderates panels on international economics.
Most Helpful Customer Reviews on Amazon.com (beta)
There are other reasons why I think she is smart -- she is an able interviewer, and maybe there is not a lot of difference between choosing people to write articles for you, and knowing what to ask someone that you choose to interview. Both require understanding the views of the person in question.
Be that as it may, the ten writing the represent different points of view. Let me briefly describe each one:
1) Gary Shilling -- The US Dollar has its weaknesses, but is stronger than all of the alternatives, because the US possesses a lot of strengths not found in the rest of the world.
2) Stephen L. Jen -- The Chinese Yuan will become a reserve currency, but it is highly unlikely that it will significantly replace the US Dollar in the intermediate term.
3) Jorg Asmussen -- The Euro can be an alternative to the US Dollar if it overcomes integration issues, and continues to deepen economic integration.
4) John Taylor -- Assuming the Euro survives its imbalances, a shrinking population and sclerotic economic policies will make the Eurozone less important by 2050.
5) Megan Greene -- The Eurozone will be better off if weaker nations leave.
6) Anoop Singh & Papa N'Diaye -- Even though rebalancing to internal growth through increased domestic consumption will slow down Chinese growth, in the long run it will lead to a better, healthier Chinese economy and currency.
7) James Rickards -- Competitive devaluation is leading to currency wars, but embracing deflation and austerity as the Euro has is the right path. We can do the same thing globally through the IMF with their SDRs.
8 ) Peter Boockvar -- We need to tie the hands of the Central Bankers, because they overshoot and make economic volatility worse. One way to do so is through a gold or other commodity standard.
9) Robert Johnson -- Much like the authors in Chapter six, except more pessimistic about whether it will happen.
Do You Want a Conclusion or Not?
This book offers no unified point of view or conclusion, and that is a strength, because it mirrors the debate that exists in the world today. If you are not confused, you don't get it. That said, the book could have been much stronger if the ten authors were allowed to respond to the other authors briefly, with a brief rebuttal from the original author. The weakness of the book is that there is no interaction, no attempt to see how the views fight or agree with each other. This could have been a better book, but I recommend it as it is.
Who would benefit from this book: If you want to learn nine different views on currencies and global macroeconomics, this could be the book for you.
Sara eludes to the mounting debate amongst policy makers as to what will happen to the global currency system. A key change that has evolved since the early 1970s is that, increasingly, it is the markets rather than policy makers that not only shape the debate, but hold the debate. Differently said, you can't have a few policy makers on an island come up with Bretton Woods II; instead, everyone is on their own with governments and individuals alike pursuing policies / investment choices they deem to be in their interest. It unleashes a set of dynamics that can become rather unstable should big players pursue unsustainable policies. The book helps the reader to put the potential dynamics into context.
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