Day Trading the Currency Market: Technical and Fundamental Strategies To Profit from Market Swings (Wiley Trading)

Book Description

Written by Kathy Lien—chief strategist for the number one online currency broker in the world—Day Trading the Currency Market reveals a variety of technical and fundamental profit-making strategies for trading the currency market, and provides a detailed look at how this market actually works. It contains actionable information and strategies, which can help you enter this highly competitive arena with confidence and exit with profits.

Download Description

""This is an extraordinary book that is many levels above other books on currency trading. It's filled with practical tips deriving from Kathy's experiences as a trader at JPMorgan and as an analyst and educator to online traders. A must-read for novice and experienced traders alike, this book will save readers a lot of money in expensive trading lessons."" --Drew Niv, Chief Executive Officer, Forex Capital Markets LLC ""I thought this was one of the best books that I had read on FX. The book should be required reading not only for traders new to the foreign exchange markets, but also for seasoned professionals. I'll definitely be keeping it on my desk for reference. ""The book is very readable and very educational. In fact, I wish that Kathy's book had been around when I had first started out in FX. It would have saved me from a lot of heartache from reading duller books, and would have saved me a lot of time from having to learn things the 'hard way'. ""I look forward to reading other books from her in the future."" --Farooq Muzammal, Head of Foreign Exchange, Europe, Refco ""Kathy's book is an indispensible tool for Forex traders, whether you are a professional or novice. It not only lays the groundwork for an in-depth understanding of Forex trading, it also contains numerous fundamental and technical strategies . . . I suspect that many traders will be keeping Kathy's book within arm's reach for many years to come."" --Eddie Kwong, Executive V.P./Editor in Chief, Tradingmarkets.com ""There are aspects to trading currencies that are different from trading equities, options, or futures. In this book Kathy Lien gives a deep insight into all the mechanisms that take place in the currency markets. Any currency trader will gain more confidence in their trading after reading this book."" --Jayanthi Gopalakrishnan, Editor, Stocks & Commodities magazine ""Kathy has done a brilliant job with this book. She speaks directly to traders and gives them guidance to improve their performance as Forex traders. I took some notes and ideas from the book myself that are going to be very useful for my business."" --Francesc Riverola, CEO, ForexStreet SL Discover a variety of technical and fundamental profit-making strategies for trading the currency market with Kathy Lien, the Chief Currency Strategist at Forex Capital Markets LLC (FXCM). Lien describes everything from time-tested technical and fundamental strategies you can use to compete with bank traders to a host of more fundamentally-oriented strategies involving intermarket relationships, interest rate differentials, option volatility, news events, and central bank intervention.

Customer Reviews:

Superficial at best..........2007-08-08

I just finished reading this book and after reading more than a dozen of books on forex and day trading I must say the book is a waste of money. Most of the topics in the book are covered superficially and the few trading strategies presented are poorly documented and contain errors.

Not so useful!.......2007-07-15

In my search for good FX trading books, I found no good book yet, and this book is no exception. This book is poorly written, has no consistent flow, and it does not lead the reader anywhere. Just few areas I found somewhat interesting like correlation between pairs, and volatility as a function of time of the day, and that is why I gave it a rating of 2. Otherwise, 1 will be enough. Someday someone may write a good FX trading book that really respects the intelligence of the reader. Not all FX retail traders are losers!

Superb resource for all active forex traders - highly recommended!.......2007-06-04

Kathy Lien has written one of the most important "must have" books for active forex traders with "Day Trading the Currency Market".

Packed with practical insights and solid trading setups, she's written a superb book that's packed with useful trading how-tos, from one of the most respected forex authorities found.

Specifically, I found her correlation tables and volatility indices very valuable, as well as her step by step explanations of how to look for both fundamental as well as technical market-moving patterns. I'm recommending her book to all my Forex traders on my forexonfire dot com site, as excellent resources to own.

Additonally, she's provided superb explanations of how the mechanics of currency trading works, and the impact of various market opens, when and how to trade various technical chart patterns, and much more.

This book, along with Boris Schlossberg's excellent "Technical Analysis of the Currency Market", are the two best forex books on the market and are highly recommended.

Good trading,

Ken Calhoun
ForexOnFire

great starter must have.......2007-05-19

great book i used it always when i first entered forex, and still do. lots of knowledge and wisdow. not to mention it teachs you some stratagies.lots of books say they show you stratagies, but few deliver. this is one of them that does. this book was recommended to me as intermediate but i think it is a must have beginners guide, worth 4 of my beginners guide books.

Close to Ideal, Casi Perfecto.......2007-01-18

A lot a very important information for beginers and medium traders.
It is very complete from the fundamental view, has a couple a trading thechniques that I guess that works in real trading.
Overall great book!.More than I expected!
To be perfect She must write down more techniques to trade.
Is not nice the advertisement that she perform a long the book, due to the fact that the "Real & Good" information that she mention is not free in fxcm.
Finally read this book definitelly made me a better trader!!!.

Un monton de informacion muy importante para Traders principiantes y medios.
Es muy completo desde el punto de vista fundamental y tiene varias tecnicas de trading que al parecer funcionan en el trading real.
En general un gran libro,Mas de lo que esperaba!
Para ser perfecto ella tendria que haber escrito mas tecnicas de trading.
No es agradable la publicidad que le hace a FXCM a lo largo de todo el libro ya que las herramientas "Buenas y reales" no son gratis en FXCM.
Finalmente leer este libro me hizo un mejor trader!!!

Saludos
Muchas gracias Lien !

The Eurodollar Futures and Options Handbook (Irwin Library of Investment & Finance.)

Average customer rating:

Very Useful
Ver practical book with detailed examples
The Standard!
Highly recommended
Highly recommended

The Eurodollar Futures and Options Handbook (Irwin Library of Investment & Finance.)
Galen Burghardt
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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Similar Items:

The Treasury Bond Basis (Mcgraw-Hill Library of Investment and Finance)
Swaps and Other Derivatives (With CD-ROM) (The Wiley Finance Series)
Analysing and Interpreting the Yield Curve (Wiley Finance)
Fixed Income Securities: Tools for Today's Markets, Second Edition
Dynamic Hedging: Managing Vanilla and Exotic Options (Wiley Finance)

ASIN: 0071418555

Book Description

Eurodollar trading volume is exploding, with no end in sight tools phenomenal growth. The Eurodollar Futures and Options Handbook provides traders and investors with the complete range of current research on Eurodollar futures and options, now the most widely traded money market contracts in the world. The only current book on this widely-followed topic, it features chapters written by Eurodollar experts from JP Morgan, Mellon Capital, Merrill Lynch, and other global trading giants, and will quickly become a required reference for all Eurodollar F&O traders and investors.

Customer Reviews:

Very Useful.......2006-07-21

Great book with very detailed examples on the relationship between different fixed income instruments. My only complaint (and it is a very minor one) is lack of problems at the end of each chapter to help solidify the concepts. Otherwise, an excellent book.

Ver practical book with detailed examples.......2006-02-25

This is a very practical book with detailed examples to help reader with the basic concept and Eurodollar Futures and Options. Very useful for beginners in this field. The last half of the book is dealing with more advanced topic more suitable for fix incoming researchers.

The Standard!.......2003-08-06

Clearly the best book on Eurodollar futures and options. The book is a must for anyone involved in fixed income securities.

Highly recommended.......2003-07-23

Having just finished reading the author's treatment of bond futures in the 'Treasury Bond Basis,' I was happy to see that Burghardt was updating some of his material from the early 1990s on Eurodollar futures. The 'Bond Basis' was an excellent and thorough analysis, and 'The Eurodollar Futures and Options Handbook' follows the same trend.

He provides an excellent overview of the institutional details of Eurodollars and their uses. The book is at its strongest when dealing with issues of the convexity bias and also scores high by not neglecting important issues like the stub period. Perhaps my favorite chapter was on callable bonds and the extension/compression risk, which, while a little misplaced in a book on Eurodlllars, still provided a very lucid explanation of the relevant issues.

With regard to options, the author touches upon some of the interest strategic combinations using serial and mid-curve options, but I feel that he could've delved a bit deeper in this part of the book. It's the only area in which I felt the book was somewhat lacking.

Highly recommended.......2003-07-23

He provides an excellent overview of the institutional details of Eurodollars and their uses. The book is at its strongest when dealing with issues of the convexity bias and also scores high by not neglecting important issues like the stub period. Perhaps my favorite chapter was on callable bonds and the extension/compression risk, which, while a little misplaced in a book on Eurodollars, still provided a very lucid explanation of the relevant issues.

Book Description

A groundbreaking collection on currency derivatives, including pricing theory and hedging applications.

"David DeRosa has assembled an outstanding collection of works on foreign exchange derivatives. It surely will become required reading for both students and option traders."-Mark B. Garman President, Financial Engineering Associates, Inc. Emeritus Professor, University of California, Berkeley.

"A comprehensive selection of the major references in currency option pricing."-Nassim Taleb. Senior trading advisor, Paribas Author, Dynamic Hedging: Managing Vanilla and Exotic Options.

"A useful compilation of articles on currency derivatives, going from the essential to the esoteric."-Philippe Jorion Professor of Finance, University of California, Irvine Author, Value at Risk: The New Benchmark for Controlling Market Risk.

Every investment practitioner knows of the enormous impact that the Black-Scholes option pricing model has had on investment and derivatives markets. The success of the theory in understanding options on equity, equity index, and fixed- income markets is common knowledge. Yet, comparatively few professionals are aware that the theory's greatest successes may have been in the derivatives market for foreign exchange. Perhaps this is not surprising because the foreign exchange market is a professional trading arena that is closed virtually to all but institutional participants. Nevertheless, the world's currency markets have proven to be an almost ideal testing and development ground for new derivative instruments.

This book contains many of the most important scientific papers that collectively constitute the core of modern currency derivatives theory. What is remarkable is that each and every one of these papers has found its place in the real world of currency derivatives trading. As such, the contributing authors to this volume can properly claim to have been codevelopers of this new derivatives market, having worked in de facto partnership with the professional traders in the dealing rooms of London, New York, Tokyo, and Singapore.

The articles in this book span the entire currency derivatives field: forward and futures contracts, vanilla currency puts and calls, models for American exercise currency options, options on currencies with bounded exchange rate regimes, currency futures options, the term and strike structure of implied volatility, jump and stochastic volatility option pricing models, barrier options, Asian options, and various sorts of quanto options.

Customer Reviews:

Excellent choice of papers!.......2001-08-18

DeRosa has picked excellent papers. If one reads the papers in detail, the currency derivatives literature, as well as related derivatives literature, becomes very easy to understand.

Comprehensive.......1999-06-19

This book presents highly technical papers on diverse topics from variuous academics. It would be very helpful to anyone looking to understand theoretical aspects of FX derivatives. Since most papers are written by different authors, notation is not consistent. In addition, academics do not always write like Hemingway. Nevertheless, the book covers everyhting from vanillas to exotics very well.

Forex Revolution: An Insider's Guide to the Real World of Foreign Exchange Trading (Financial Times Prentice Hall Books)

Average customer rating:

Good Introduction
AWESOME! THE BEST PLACE TO START!
You're better off reading something else...
Good Introduction to the Forex Market!
Solid Basics

Forex Revolution: An Insider's Guide to the Real World of Foreign Exchange Trading (Financial Times Prentice Hall Books)
Peter Rosenstreich
Manufacturer: FT Press
ProductGroup: Book
Binding: Hardcover

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Similar Items:

Getting Started in Currency Trading: Winning in Todays Hottest Marketplace (Getting Started In.....)
ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
Day Trading the Currency Market: Technical and Fundamental Strategies To Profit from Market Swings (Wiley Trading)
Forex Made Easy : 6 Ways to Trade the Dollar
Technical Analysis of the Currency Market: Classic Techniques for Profiting from Market Swings and Trader Sentiment (Wiley Trading)

ASIN: 013148690X

Customer Reviews:

Good Introduction .......2007-09-01

We recommend this book to our clients who want to learn more about global currency markets. It gives a great introductory overview and history of currency. Brief and well written.

AWESOME! THE BEST PLACE TO START!.......2006-08-28

Starts from the very basics. This is the first book I ever read on Forex. Got me off to a running start!

You're better off reading something else..........2006-07-10

So many editorial reviews on Amazon are so far off the mark...and this book is no exception. Poorly written, poorly edited and of course poorly priced. The author spends too much time on his personal observations, which are highly subjective of course, but devoid of the poignancy that would justify such missives. He then moves quickly from one topic to the next, explaining none in sufficient detail.

Much of what he writes isn't very important to a trader and is probably obvious to a student of financial markets. Laypeople will learn something about the world of forex, but this cursory treatment lacks focus. They are better off reading a few focused books. The few pages devoted to interviews from successful traders were informative, but I found myself disagreeing with some of the "facts" (read: opinions) offered up. If you must buy this book, take what is written here with a grain of salt. Then go buy a serious book on the stucture of the foreign exchange market, on risk management and on trading strategies.

This book will not make you a better trader and it certainly isn't worth the price.

Good Introduction to the Forex Market!.......2006-05-02

This book definately gives the reader a good look at the intricacies of the Forex, but it is not the final step in your education of the Forex market. The Forex market is a world unto itself and by nature is a huge gamble for a private investor. This book is a great place to start. The author uses good examples to illustrate his points and doesn't assume the reader has a thorough understanding of macroeconomics.

Solid Basics.......2006-01-16

Author Peter Rosenstreich's short, concise guide is a neophyte's introduction to the world of foreign exchange trading. Its chief virtue is that it warns against trading if you don't have a strategy and some level of technology. Its chief vice is the suggestion that it is realistic for individual investors to expect to make money in the foreign exchange markets. The author cautions against the risks of the market (and gives good advice on spotting the most egregious frauds), but even to suggest that an individual retail trader equipped with an Internet connection, a news feed, a research source and a charting service can hope to succeed in Forex investing is a bit misleading. Perhaps, it would have been more enlightening if the author had discussed the competition that confronts the potentially foolhardy neophyte, in terms of equipment, technology and expertise. That said, readers will gain an elementary - but not really an insider's - acquaintance with the ABCs of the Forex markets and will learn the names of key agencies and approaches. We find that the book's most useful attributes include references to further reading that should deter novices from attempting to trade their own money in the foreign exchange markets. For solid basics, read on - but zip your wallet.

Foreign Currency Trading: From the Fundamentals to the Fine Points

Average customer rating:

This book really is not about teaching someone to trade
The Cover PAge looks pretty!!!
To the authors: you must be kidding
Rarely have encountered a book this useless.
save your money ...

Foreign Currency Trading: From the Fundamentals to the Fine Points
Russell Wasendorf
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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ASIN: 0786311673

Book Description

The opportunities for unmatched returns and investment protection in the brave new world of foreign currency investing are second to none. In Foreign Currency Trading, financial executives Russell Wasendorf, Sr., and Russell Wasendorf, Jr., describe foreign currency trading in plain terms, and help you understand the risks, benefits, and operational requirements that you will need to take advantage of this market’s tremendous potential. Look to Foreign Currency Trading for clear explanations on the mechanics of foreign currency trading, in-depth discussion of all pertinent foreign exchange rules and regulations, and a comprehensive glossary with literally hundreds of terms essential to forex trading. With formerly imposing currency trading restrictions having been struck down in recent court rulings, the world of foreign currency trading is an exciting and rapidly-expanding field. Let Wasendorf and Wasendorf’s Foreign Currency Trading be your comprehensive guidebook for effectively taking advantage of this exciting opportunity, not only as a source of unmatched income and profits, but also as a sophisticated hedging instrument in any investment portfolio.

Customer Reviews:

This book really is not about teaching someone to trade.......2007-09-18

I was looking for a basic book teaching the concepts and trading practices and fundamentals. This book has a lot to say about none of the topics needed to help someone become a trader. If you are looking to have someone trade your account you might be helped by it. There are a lot better books out there "Getting Started in Currency Trading" is a fine example. This is the best buy for the money when you are done reading it you will be much better informed to move ahead. Getting Started in Currency Trading: Winning in Todays Hottest Marketplace (Getting Started In.....)

The Cover PAge looks pretty!!!.......2007-06-07

Well when i grow up i to be Russell R Wasendorf, whether sr. or jr. I think these two are the greatest salesmen around. I bought a wonderful book which adorns my bookcase and adds colour and life to my room. Whats more is that i found the same book in my brother's home. Thinking he 'borrowed' it I asked him, He replied saying he 'invested' in it and it works well as a sleep aide . Seriously some points for beginners are reasonably covered but most of the book was a waste of time, paper and resources. There were no Fine points covered in the book to memory but if there were it was lost in the dribble.

To the authors: you must be kidding.......2006-02-09

I'll summarize this book for you -- "Foreign Currency Trading is difficult, if you want to learn more, send us some more money and we will enroll you in a class."

Save your money, buy yourself a newspaper instead.

Rarely have encountered a book this useless........2003-06-05

As others have said clearly, this book is a waste of trees, ink and the time of its reader. The "authors" should be ashamed of such blatant hucksterism and poor description of even the most basic aspects of trading. Even if you are a neophyte, look somewhere else.

save your money ..........2003-03-16

... I have no idea what objective these guys had in mind when they sat down to write this book.... This book is just a bunch of information thrown together (probably downloaded from the internet) and they obviously took no time to put any real effort into this book. I was terribly dissappointed with my purchase of this book.....look elsewhere if you are interested in getting started in forex trading.

Technical Analysis Applications in the Global Currency Markets

Average customer rating:

Technical Analysis Applications In The Global Currency Markets Second Edition
To be critical is to be constructive.
Not any help at all...
Very Very good book
excellent value!!

Technical Analysis Applications in the Global Currency Markets
Cornelius Luca
Manufacturer: Prentice Hall Pr
ProductGroup: Book
Binding: Hardcover

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Trading in the Global Currency Markets Second Edition
Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance)
Getting Started in Currency Trading: Winning in Todays Hottest Marketplace (Getting Started In.....)
The Currency Trader's Handbook

ASIN: 0134940555

Book Description

Now updated and revised with all new charts and key information on the euro. The introduction of the euro and the recent explosion of electronic trading has changed the outlook of the foreign exchange market dramatically. Global currency trading offers staggering rewards for those with the knowledge to capitalize on it.

This updated guide provides an easy-to-follow roadmap for beginners and experienced traders alike on how to use technical analysis-with revised charts and graphs-to cash in on these enormous opportunities. The only guide of its kind to focus solely on all aspects of technical analysis, Luca explains and illustrates: The fundamentals of technical analysis and how it applies to foreign exchange What one must learn about trends and trend patterns How the major players in foreign exchange analyze their charts The quantitative methods of analysis-including all types of moving averages, oscillators, and other indicators This book provides a thorough, yet easy-to-grasp explanation and analysis of point and figure charting, candlestick charting, the Gann methods, and the Elliot Wave principle. Also included is an updated CD-ROM that lets readers test the methods presented and apply them to real trading-and quickly increase proficiency in charting and chart analysis.

Customer Reviews:

Technical Analysis Applications In The Global Currency Markets Second Edition.......2005-07-16

Having always been intrigued by the FX market but also having never traded a day in my life I bought this book and his other with the intent of learning the basics. I wanted to get an overall view of wha the FX was and how I could trade in it. I believe it has done what I wanted and helped me to greatly understand the MANY different aspects of trading. I would say that it covers the basic aspects while only slightly delving deeper into some of the more complex issues. I believe one of the greatest things about this book is that it has helped me to figure out which directions I need to pursue as well as which I don't. I have read some other comments on this book and am rather appalled that people actually take the time to make negative and unsubstantiated claims about the author, his knowledge and experience. If you are disattisfied with the book, state your reasons why and perhaps make a constructive recommendation. Otherwise, all you're doing is wasting my time. This book is probably not for someone who is experienced and has a fair command of their trading. For someone who is looking for a clear, concise discourse on the basics this is definitely the book for you.

To be critical is to be constructive........2005-02-05

If this book is very bad, I am glad to learn it from people who consider themselves knowledgeable and who have read it. But should it be possible for such critics to propose another reference which they appreciated the content. It would be much more instructive for readers who are shopping for quality books.

Not any help at all..........2004-02-02

As a Foreign Currency Dealer, I was NOT helped from this book at all! Actually the title is misleading since he does NOT concentrate on FX, he only shows some graph examples using FX crosses instead of stocks... The author just refers to a lot of TA indicators only reviewing their typical Buy and Sell signals that are written in every TA book, and furthermore the sections are very bad structured. Really very very disappointed!!!

Very Very good book.......2003-08-08

This is a very good book. If you want to start trading currency online (like me) you must read this book first.

excellent value!!.......2003-03-21

I haven't completed the book but if I never read another page it's well worth what I payed compared to some prices of other simular books on the market. I don't know what the initial cost was, but those who wrote the unfavorable reviews should have waited to purchase. Maybe they would have been more positive.

The Stability and Growth Pact: Experiences and Future Aspects (Schriftenreihe der Österreichischen Gesellschaft für Europaforschung (ECSA Austria) / European ... Association of Austria Publication Series)

Average customer rating:

The Stability and Growth Pact: Experiences and Future Aspects (Schriftenreihe der Österreichischen Gesellschaft für Europaforschung (ECSA Austria) / European ... Association of Austria Publication Series)

Manufacturer: Springer
ProductGroup: Book
Binding: Paperback

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All Titles | Qualifying Textbooks - Fall 2007 | Stores | Books
ASIN: 3211279644

Book Description

When the Euro was introduced in the EU, the Stability and Growth Pact (SGP) was one of the cornerstones of the architecture of fiscal policy in the Economic and Monetary Union (EMU). But the discussion about the necessity and functioning of the specific SGP fiscal rule never stopped since then. The call for a reform of the pact got momentum since many Member States of the euro area broke the regulations of the pact at least once. The reform of the SGP succeeded in 2005.

In this book, renowned lawyers and economists from all over Europe present their views about the legal and economic foundations of the SGP and its performance so far. The major part of the book deals with the economic problems with the pact, its theoretical basis, possible improvements and the implications of the reformed SGP. The book has the advantage not only to report and analyze the experiences with the old SGP but it offers also a first ex ante assessment of the future aspects of the reformed SGP.

These and other highly relevant issues make this book indispensable for everybody who is concerned with European integration and the functioning of EMU in particular.

Average customer rating:

Great Timing for a Great Book On GOLD !!!
A good read
A Must for Anyone Who Wants to Understand Monetary Policy
Great book!
While not completely convincing, and interesting presentation of the argument for "hard" money

Gold: The Once and Future Money
Nathan Lewis
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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The ABCs of Gold Investing: How to Protect and Build Your Wealth with Gold

ASIN: 0470047666

Book Description

For most of the last three millennia, the world’s commercial centers have used one or another variant of a gold standard. It should be one of the best understood of human institutions, but it’s not. It’s one of the worst understood, by both its advocates and detractors. Though it has been spurned by governments many times, this has never been due to a fault of gold to serve its duty, but because governments had other plans for their currencies beyond maintaining their stability. And so, says Nathan Lewis, there is no reason to believe that the great monetary successes of the past four centuries, and indeed the past four millennia, could not be recreated in the next four centuries. In Gold, he makes a forceful, well-documented case for a worldwide return to the gold standard.

Governments and central bankers around the world today unanimously agree on the desirability of stable money, ever more so after some monetary disaster has reduced yet another economy to smoking ruins. Lewis shows how gold provides the stability needed to foster greater prosperity and productivity throughout the world. He offers an insightful look at money in all its forms, from the seventh century B.C. to the present day, explaining in straightforward layman’s terms the effects of inflation, deflation, and floating currencies along with their effect on prices, wages, taxes, and debt. He explains how the circulation of money is regulated by central banks and, in the process, demystifies the concepts of supply, demand, and the value of currency. And he illustrates how higher taxes diminish productivity, trade, and the stability of money. Lewis also provides an entertaining history of U.S. money and offers a sobering look at recent currency crises around the world, including the Asian monetary crisis of the late 1990s and the devastating currency devaluations in Russia, China, Mexico, and Yugoslavia.

Lewis’s ultimate conclusion is simple but powerful: gold has been adopted as money because it works. The gold standard produced decades and even centuries of stable money and economic abundance. If history is a guide, it will be done again.

Nathan Lewis was formerly the chief international economist of a firm that provided investment research for institutions. He now works for an asset management company based in New York. Lewis has written for the Financial Times, Asian Wall Street Journal, Japan Times, Pravda, and other publications. He has appeared on financial television in the United States, Japan, and the Middle East.

Customer Reviews:

Great Timing for a Great Book On GOLD !!!.......2007-10-03

With the many serious problems in the housing markets , a falling U. S. dollar , rising commodity costs & rising inflation ; what better time for a very well written & easy to read book on the topic of mysterious GOLD !!

So widely known , but so poorly understood and so much intentional or unintentional misinformation on the history & practical use for GOLD , this book is very well timed !

Not some boring economics book , you learn the Truth about gold and why it has always been an important part in the civilization of man !

A must read in these financially disturbing times !!!

A good read.......2007-09-22

This is a must read for anyone who wants to understand how the financial system evolved to where it is today?

A Must for Anyone Who Wants to Understand Monetary Policy.......2007-08-31

Nathan has written a masterpiece. He takes the concept of money to its very beginning and then uses easy to understand examples to educate us about the simplicity of monetary policy. This book is easy to understand by the average intelligent person.

A person educated in the economics of the day may have difficulty fitting these simple and sound concepts into the complex fallacies that are taught in most economics classes today, but an open-minded, teachable economist will benefit greatly from Nathan's book.

Great book!.......2007-07-17

Let me start of by saying that it seems the last reviewer didn't even read the book! This book pushes a "type" of psuedo-gold standard, not the original gold standard. That said, the problems laid out by the reviewer don't even make sense under a true gold standard. A true gold standard does not mean that people use gold coins to purchase groceries or even homes. A gold standard, in the classical sense, means that there is no Federal Reserve or Central bank, at least not in its current form, and the dollar is DEFINED as a certain weight in gold. The monetary act of 1792 actually defined the dollar as 1 ounce of silver and then fixed the weights and measures of silver vs gold at 15 to 1. This was their error, so to speak.

Even under a true gold standard, where no central bank exists, paper dollars do exist, as do checking accounts, savings accounts, et al. The process would work much like it does today with the exception that a paper dollar would be in the form of a receipt on gold. Private banks would hold your gold (some percentage of it) on reserve at the bank while issing you a deposit or savings account with the right to draw on the account in question. But I'm digressing --i don't have time to outline the true classical gold standard. This book espouses no such thing as the classical gold standard ---it pushes a psuedo gold standard which I describe below:

It is a gold peg. Peg the dollar at a certain value of gold --say the current price of $660 per ounce. Currently the FED is responsible for setting interest rates, the discount rate directly and the FED funds rate indirectly through money supply adjustments. The authors of this book want the market to set the rate of interest, and the FED to be replaced with a currency board which has only one directive ---adjust the money supply in order to keep a constant value of dollar/gold ---at our $660 target. Interest rates would then be set by the market and money supply would be set by gold itself ---a much more stable form of money. This would be a pseudo gold standard ----as long as the market is open and free for gold exchange internationally, then there would be an automatical gold convertability for all people. The government would need to hold $0 gold because people could simply go out and convert their dollars into gold on the open market ---if they did on balance, the currency board would then need to decrease the supply of money in circulation in order to keep the peg (assuming all else stayed constant). If the USA went first, then all countries would follow ---this would create a one world currency, gold with dollar/yen/pound/euro simply representing different quantities of the same currency, as pennies, quarters, dimes, dollars, represent different quantities of the same currency now, the US dollar. This would provide automatic adjustment to imbalances of trade ---long discussion here.

I recommend this book because of the history aspect and the understanding of gold/monetary issues. These authors understand the classical economist theories very thoroughly --with one great misunderstanding. This is the only downfall in the book ---they don't quite understand how inflation of the money supply creates bubbles or misallocated resources. Thus, they don't understand the boom/bust process as outlined by the Austrian school very well. They correctly understand taxes but do not have the same understanding with government spending. They understand free trade.

I would give this book a 5 out of 5 even though there is a big mistake of not understanding other causes of the business cycle --namely the boom bust cycle brought on by monetary inflation and misallocations of capital.

While not completely convincing, and interesting presentation of the argument for "hard" money.......2007-06-03

I have to say that I am by nature in favor of stable money, realistic currency valuations, and conservative accounting in private affairs and especially in public affairs. To allow politics to pretend they have a magic solution to defy the laws of economics (or simple arithmetic) to make everyone better off has never worked and can never work. Just as getting a new line of credit that you use up and spend immediately seems like new wealth for a brief period of time, the piper still must be paid on the other end. Even if you come into some money and can pay it off without terrible hardship, you have still pre-spent this money. Yes, there are good uses of credit, but most government expenditures are no better than running up credit cards on going out to eat and buying items that will be worn out long before the credit is paid off.

This is why there is an ardent group of people who want to base the value of money on a commodity rather than using fiat money (money whose value is what the government claims it to be - what we have). This book makes a pretty good case for using gold and for those interested in such things, it is something one could read and get up to speed on the issues involved. Besides a great fondness for gold, these folks have an especial hatred of central banks of all stripes and see them as tools of the forces that would undermine liberty, freedom, and personal independence. While unusual, they aren't crazy and deserve more of a hearing than they are usually given.

Still, there are some basic problems with the story as I see it. The first is that the author uses quotes from various "authorities" as proof texts. There isn't much context provided for the quotes and when there is an interpretation provided to help us understand what the quote means, it is conveniently supportive of the author's point rather than helping us understand the point the author was trying to make in his time and circumstance.

A second problem is that the author is not clear enough about the problems of using gold as money. For example, if gold is used as coins it isn't long before a one ounce coin provides less than an ounce of gold. This is caused by wear (whether natural or induced, called "clipping" - some people scrap off small amounts of gold from any number of coins to get "free money"). Another problem is that people can do things like drill out gold and fill it with lead and then cover up then put a smooth edge of gold around the coin. So, are you willing to assay the coins for each transaction? The author refers to Isaac Newton being in charge of the British Mint, but doesn't really say why. It was because of the debasement of the coins and getting the coins sound again was not an easy task.

Sure, you can use paper currency that is defined in relation to gold, but there are problems with this despite the "one world currency" hopes of the gold backers. If a nation backs its currency with gold reserves, it is almost impossible to prove those reserves are maintained. Nor is it easy to decide the ratio of paper money to the actual reserves. The supply of paper bills fluctuates and nations (or the leaders of a given time) can secretly sell reserves. Either or both of these difficulties (and others) can turn the promise gold backed notes into what amounts to fiat money.

If people expect the private gold market to accept government definitions of their currency and trade their real gold for paper certificates representing an asserted value, I cannot understand how that is different than fiat money. What in the world is to prevent a seller of gold to change his price based on his personal view of a given currency and their monetary policies. The present peg of the Yuan is a great example of an overpriced currency. The gold market would respond to this by revaluing it themselves, would they not? We saw this kind of split between official and market prices in the old USSR.

A third problem, and one I really didn't see addressed in the book, is the change in gold supply. The so called inherent value of gold is not really true. In times of famine you can't eat gold, for example. Also, if we have a fixed supply of goods and a fixed supply of money pursuing those goods or growing no faster than the supply of goods, then prices should remain stable. However, if the supply of goods grew faster than the money supply, deflation would actually occur because less money would be available per good to be purchased.

However, what if the supply of gold were suddenly to increase? This has happened more than once. When all that gold from the New World showed up in Europe, it caused deflation in the value of gold (and inflation of prices) and imposed a real economic hardship on many. This is also true when new processes allow more gold to be produced, the supply of gold (or silver or platinum) increases and causes inflation as sure as printing more fiat money. More money chasing the supply of available goods. This was part of the problem that led to the "Cross of Gold" speech by William Jennings Bryan (not Bryant as the author refers to him) in trying to peg silver to gold.

Another problem is that industrial processes use gold nowadays in ways that were not in play in centuries past. So, the gold used in circuits and so forth would not be available for money. Whereas gold fashioned into jewelry of products such as watches could easily be recovered if the value of the gold exceeded the value of the item. While recycling gold from high tech products is done, it isn't always done and that gold has to be subtracted from the available stock. How is it tracked?

There are also some aspects of seeming carelessness in the book. For example, calling William Jennings Bryan, a Secretary of State, three time candidate for President, and distinguished in many other ways, as Bryant really needs to be corrected in subsequent printings of the book. Also, some of the graphs aren't quite clear. For example, on page 49 the Y axis says Gold ounces and then gives integers from 0 to 6. Are these straight ounces (of course not) or hundreds, thousands, millions? Not stated in the graph. There should also be a scale showing the graph in dollars (on the right).

And when an author refers to himself as "formerly the chief international economist of a leading economic forecasting firm" without saying which firm it leads to suspicion and doubt. This weakens the reader's faith in the author's credibility.

If you are interested in the case for gold as money, this is along the lines of what I usually hear from its supporters. However, I would also recommend strongly Milton Friedman's excellent "Money Mischief" before you take this material as the final word on this important subject.

Financial Crises: Lessons from the Past, Preparation for the Future (World Bank/IMF/Brookings Emerging Markets)

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Financial Crises: Lessons from the Past, Preparation for the Future (World Bank/IMF/Brookings Emerging Markets)
Gerard, Jr. Caprio
Manufacturer: Brookings Institution Press
ProductGroup: Book
Binding: Paperback

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ASIN: 0815712898

Product Description

Numerous crises rocked the world financial sector in the 1990s: the Asian bubble burst; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. Here a distinguished group of economists and policy analysts draw lessons from attempts to recover from these and other financial crises of recent history. Potential hazards facing the world economy in the twenty-first century are also discussed along with approaches that could help to prevent them.

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A decent introduction to what's going on with the world's money
A Good Read!
A Good Read!

The Future of Money
Benjamin J. Cohen
Manufacturer: Princeton University Press
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Binding: Paperback

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ASIN: 0691116660

Book Description

Is globalization leading us toward a world of fewer and fewer currencies and, consequently, simplified monetary management? Many specialists believe this is the case, as the territorial monopolies national governments have long claimed over money appears to be eroding. In The Future of Money, Benjamin Cohen argues that this view--which he calls the "Contraction Contention"--is wrong. Rigorously argued, written with extraordinary clarity, and thoroughly up-to-date, this book demonstrates that the global population of currencies is set to expand greatly, not contract, making monetary governance more difficult, not less.

At the book's core is an innovative theoretical model for understanding the strategic preferences of states in monetary management. Should governments defend their traditional monetary sovereignty, or should they seek some kind of regional consolidation of currencies? The model offers two broad advances. First, whereas most scholarly work evaluates strategic options individually or in comparison to just one other alternative, this model emphasizes the three-dimensional nature of the decisions involved. Second, the model emphasizes degrees of currency regionalization as a central determinant of state preferences. Cohen also systematically explores the role of the private sector as an alternative source of money.

The book concludes with two key policy proposals. First, fiscal policy should be resurrected as a tool of macroeconomic management, to offset the present-day erosion in the effectiveness of monetary policy. Second, the International Monetary Fund should more actively help coordinate the decentralized strategic decision-making of governments. The future of money will be perilous. But, by mapping out the alternative policies countries can follow, The Future of Money shows it need not be chaotic.

Customer Reviews:

A decent introduction to what's going on with the world's money.......2006-08-04

I'm not an economist so I might be rating this book higher or lower than someone who knows this stuff, but for the lay person it was a pretty good read. One thing to note up front is that this is more of an academic book than the normal pop-econ books that most of us are used to seeing. The paragraphs are heavily cited and the reader is assumed to know at least a little about modern international finance (I had to spend some time on wikipedia more than a few times).

Cohen spends most of the book laying out the arguments to why most economists think that the number of currencies in the world is going to contract (down to only the dollar, euro, and yen), with hints of his upcoming argument. Then in the last chapter he lays out his argument which claims that the number of currencies is going to rise in the near future. I learned quite a bit about international monetary policies from most of the book and became pretty convinced of his arguments that we won't ever have a world with just three currencies, but I found his argument for many more currencies pretty weak. It seemed like he just plopped that last chapter on quickly feeling the need to talk about the internet. And he used the word 'flooz' way too much to be respected.

To summerize, I found the book worth the time spent to read it (which is a lot better than most pop-econ books) and although I think his ending arguments were weak I don't necessarily think that he's wrong.

A Good Read!.......2004-04-23

This book is a thoughtful, amply documented reflection on the future of currency. The dollar, euro and yen dominate the global monetary order, with the dollar now unrivaled at the top and unlikely to be threatened in the future. The countries that issue lesser currencies face a trade-off between monetary sovereignty and international acceptability (with all its economic advantages). Some economists say these lesser currencies should simply dollarize, that is, sacrifice their monetary sovereignty on the altar of international economic efficiency by adopting a stronger currency as their own. Author Benjamin J. Cohen argues that these countries are likely to reject dollarization because the emotional and political advantages of issuing one's own currency are simply too strong. He suggests various alternate mechanisms that allow countries to maintain some monetary independence and authority while gaining the advantages of a fully liquid, widely used currency. Non-specialists may find his extensive discussions a bit dry or sometimes tedious, but we applaud the author's ability to explore monetary economics in admirably lucid detail.

A Good Read!.......2004-03-09

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