Biography of the Dollar

Craig Karmin

ISBN 10: 0307339866 / ISBN 13: 9780307339867

Editore: Three Rivers Press, 2008

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Will the sun set on the greatest currency in the history of the world? For decades the dollar has been the undisputed champ. It%u2019s not only the currency of America but much of the world as well, the fuel of global prosperity. As the superengine of the world%u2019s only superpower, it%u2019s accepted everywhere. When an Asian company trades with South America, those transactions are done in dollars, the currency of international business. But for how much longer? Economists fear America is digging a hole with an economy based on massive borrowing and huge deficits that cloud the dollar%u2019s future. Will the buck be eclipsed by the euro or even China%u2019s renminbi? Should Americans worry when the value of the mighty U.S. dollar sinks to par with the Canadian %u201Cloonie%u201D? Craig Karmin%u2019s in-depth %u201Cbiography%u201D of the dollar explores these issues. It also examines the green-back%u2019s history, allure, and unique role as a catalyst for globalization, and how the American buck became so almighty that $ became perhaps the most powerful symbol on earth. Biography of the Dollar explores every aspect of its subject: the power of the Federal Reserve, the inner sanctums of foreign central banks that stockpile the currency, and the little-known circles of foreign exchange traders that determine a currency%u2019s worth. It traces the dollar%u2019s ascendancy, including one incredibly important duck-hunting trip and the world-changing Bretton Woods Conference. With its watermark, color-shifting inks, and a presidential portrait that glows under ultraviolet light, the dollar has obsessed foreign governments, some of which have tried to counterfeit it. Even Saddam Hussein, who insisted on being paid in euros for oil, had $750,000 in hundred-dollar bills when captured. Yet if a worldwide currency has enabled a global economy to flourish, it%u2019s also allowed the United States to owe unbelievable, shocking amounts of money%u2014paying hundreds of millions of dollars every single day just in interest on foreign debt; that%u2019s raised concerns that the dollar standard may not be sustainable. Any threat to the dollar%u2019s privileged status would do much more than hurt American pride. It would mean U.S. companies and citizens would not be able to borrow at the low rates they have become accustomed to. The dollar%u2019s demise would impact the rest of the world, too, boosting the costs of trade and investment if no other currency was able to play the same crucial role. Ultimately the dollar system may weaken, but it should endure%u2014a while longer, at least; it%u2019s in few people%u2019s interest to see it fail, and there is still no credible alternative. Biography of the Dollar is must reading for anyone who wants to understand what truly makes the world go %u2019round%u2014and whether it will continue to spin the way we want it to. Mylar protector included. Please note the image in this listing is a stock photo and may not match the covers of the actual item.

Codice articolo 123781185

Dati bibliografici

• Titolo: Biography of the Dollar
• Editore: Three Rivers Press
• Data di pubblicazione: 2008
• Lingua: Inglese
• ISBN 10: 0307339866
• ISBN 13: 9780307339867
• Rilegatura: Hardcover
• Condizione: Good
• Condizione della sovraccoperta: Good
• Tipo di libro: Book

Descrizione articolo

Riassunto

A history of the U.S. dollar follows a single bill from its "birth" at the U.S. Bureau of Printing and Engraving to its shredding nearly two years later as it examines the reasons why the American currency has become so widely accepted, its role in international finance and trade, its impact on globalization, and more. 35,000 first printing.

Informazioni sull'autore

CRAIG KARMIN is a reporter for the “Money and Investing” section of The Wall Street Journal, covering international markets and foreign exchange. He has appeared on CNN and CNBC, and his work has also been published in Barron’s, The New Republic, and Newsweek International.