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内容简介:
Will the sun set on the greatest currency in the history of
the world?
For decades the dollar has been the undisputed champ. It’s not only
the currency of America but much of the world as well, the fuel of
global prosperity. As the superengine of the world’s only
superpower, it’s 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’s future. Will the buck be eclipsed by the euro or
even China’s renminbi? Should Americans worry when the value of the
mighty U.S. dollar sinks to par with the Canadian “loonie”?
Craig Karmin’s in-depth “biography” of the dollar explores these
issues. It also examines the green-back’s 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’s worth. It traces the dollar’s 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’s also allowed the United States to owe unbelievable,
shocking amounts of money—paying hundreds of millions of dollars
every single day just in interest on foreign debt; that’s raised
concerns that the dollar standard may not be sustainable.
Any threat to the dollar’s 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’s 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—a while longer, at
least; it’s in few people’s 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 ’round—and whether it
will continue to spin the way we want it to.
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作者介绍:
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.
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编辑推荐
"For decades the dollar has reigned supreme, so much so that
many take it as part of the natural order. But we're in an era of
rapid change and the dollar is not immune. Craig Karmin's
Biography of the Dollar is an indispensable guide to
understanding the way both the U.S. and the world economies work
and the dollar's role in keeping the economic skids greased.
Karmin's great skill is his ability to take what in lesser hands
would seem like complex and opaque ideas and make them transparent,
understandable and relevant, whether you are an entrepreneur, work
in a Fortune 500 company or simply trying to understand what in the
world is going on."
—Ram Charan, author of Know-How and co-author of
Execution: The Discipline of Getting Things Done
"After 50 pages, I was able to hold my own discussing currency
trading with a vice president at JP Morgan Chase. This is an
incredible book that should be required reading for anyone whose
future depends on understanding how the dollar is valued and
manipulated. Whether you work in finance, travel internationally,
or simply haven't been taught why the dollar rises or falls in
relation to other currencies, read Biography of the Dollar
now—or suffer the consequences."
—Timothy Ferriss, #1 New York Times bestselling author of
The 4-Hour Workweek
From the Hardcover edition.
书籍介绍
Will the sun set on the greatest currency in the history of the world?
For decades the dollar has been the undisputed champ. It’s not only the currency of America but much of the world as well, the fuel of global prosperity. As the superengine of the world’s only superpower, it’s 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’s future. Will the buck be eclipsed by the euro or even China’s renminbi? Should Americans worry when the value of the mighty U.S. dollar sinks to par with the Canadian “loonie”?
Craig Karmin’s in-depth “biography” of the dollar explores these issues. It also examines the green-back’s 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’s worth. It traces the dollar’s 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’s also allowed the United States to owe unbelievable, shocking amounts of money—paying hundreds of millions of dollars every single day just in interest on foreign debt; that’s raised concerns that the dollar standard may not be sustainable.
Any threat to the dollar’s 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’s 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—a while longer, at least; it’s in few people’s 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 ’round—and whether it will continue to spin the way we want it to.
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