Book Description

From the author of Lords of the Horizons, the fascinating story of a new kind of money for a new world. Money has always been at the heart of the American experience. Paper money itself, invented in Boston in 1698, was a classic of American ingenuity—and American disregard for authority and tradition. With the wry and admiring eye of a modern De Tocqueville, Jason Goodwin has written a biography of the dollar giving us the story of its astonishing career through the wilds of American history.

Greenback looks at the dollar over the years as a form of art, a kind of advertising, a reflection of American attitudes, and a builder of empires. Goodwin shows us how the dollar rolled out the frontier, peopled the Plains; how it erected the great cities; how it expressed the urges of democracy and opportunity. And above all, he introduces us to the people who championed—or ambushed—the dollar over the years: presidents, artists, pioneers and frontiersmen, bankers shady and upright, safe-blowers, and crooks and dreamers of every stripe. It’s a vast and colorful cast of characters, all agreed on one thing: getting the money right was the key to unlocking liberty and the pursuit of happiness.

Greenback delves into folklore and the development of printing, investigates wildcats and counterfeiters, explains why a buck is a buck and how Dixie got its name. Like Goodwin’s Lords of the Horizons, another story of empire, Greenback brings an array of quirky detail and surprising—often hilarious—anecdote to tell the story of America through its best-beloved product.
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Reviews (10)

Evolution of the dollar...
I'm a professional currency trader, so I bought this book to learn more about the history of the US Dollar going back to its creation.This book does give a lot of the history of the dollar, but unfortunately it is rather boring.Some of the stories are enjoyable and possibly apocryphal, but the book is still a very slow read.90+% of the book is devoted to the history of the US currency prior to the 20th century, so be prepared for some deep history of colonial America.There is a lot of good information in the book, but sadly, the story is boring.

Another entertaining and instructive book by J. Goodwin
Jason Goodwin is a polarizing author, whose books are either hated or loved by his readers.As in his best-known previous book, "Lords of the Horizons", in "Greenback" he uses a lot of wonderful anecdotes to spice up his prose and keep the reader interested.As in that book, his grasp of the essence of the subject is pretty good, although one could disagree in the details.

I am one of those readers who choose to stay away from rigorous, traditional history books because I am turned off by the stuffiness and the pedantic detailed narrative that they often provide.(I came to this end after having read a good deal of them...)I believe that the history of any subject is the sum of the personal histories of the people who participated and formed those events, famous or obscure, big or small.Jason Goodwin gives us plenty of those little personal stories and thank God for that as far as I am concerned.

I found this book very enjoyable to read and rich in information, although not as exciting as "Lords of the Horizons", so I am giving it 4 stars instead of the 5 I gave that one.I hope Jason Goodwin keeps giving us those great books on his diverse subjects and full of those colorful characters, and I am looking forward to his next book of non-sterilized history.

Milestones in the Evolutionof Value Storage
This is a very enjoyable work, well-written and researched, with numerous anecdotes and sidelights. I thought particularly strongthe early chapters on colonial and post-revolution America. One sees in Jefferson an early version of a common type today: the person who is adamantly opposed to debt and credit instruments because he himself is hopelessly swamped in debt. Today's debt paranoiac shuns credit cards and deferred payment schemes of all stripes in favor of cash (paper dollars and checks drawn on bank accounts). But for Jefferson those very paper dollars and banks were suspect. For him, the only "real" money was metallic: gold or silver. The only stores of value in his opinion were coins or bullion or land.

This brought him into opposition to Hamilton, who wanted to inaugurate the new republic by assuming a huge load of debt (all the promises of payment represented by the wartime "Continentals"). Hamilton had a plan to set up a bank and issue paper money backed by gold reserves which didn't exist yet, but which he was confident could be built up by land sales and import duties. His plan, a risky scheme in Jefferson's opinion, was approved by Congress, and our little country began its life with a whopping 42 million dollar debt (p. 102). In spite of Jefferson's misgivings, the scheme worked so well that some twenty years later Jefferson himself was able to double the nation's land area by buying Louisiana from Napoleon.

I was disappointed that in this book, devoted as it is to various forms the dollar took over the years, no mention was made of the exact type of payment by Jefferson for Louisiana. Was it gold bullion? American gold dollars? Spanish gold dollars? Was there some of the paper money that he so despised? Was there a mortgage involved? Or a more racy installment plan (No interest and no payments until May 1808, or until the emperor conquers Russia, whichever comes first! Don't delay! Act now!)

"Greenback" then goes into satisfying detail on the banknote phenomenon, the system of the 19th century whereby banks printed notes (dollars, promises to pay) and either backed them up or did not back them up with gold in their vaults. As I understand it, the US government did not start printing such notes until the Civil War, and it did not become the sole legal printer of dollars until the 1920s. I would have liked more detail about how that latter change came about. What was the exact last day when you could use a dollar printed by a bank. Why did they wait so long to pass such a law, which seems perfectly natural to us now? Might the conversion have had anything to do with the subsequent worldwide depression? All fascinating questions for a follow-up volume which I hope will come from the febrile pen of Mr. Goodwin.

BAD History - Light
Simply put, this is a bad book.It is poorly written and is bad history.

When the author stops digressing, he has many unimportant and trivial anecdotes about the dollar in American history.

His interpretation of American history is terrible.Just a few examples:Early in the book he cited Hawthorne, Thoreau and Twain (who lost a fortune trying to be an industrialist) to reach the conclusion that Americans did not collect and hoard money in the nineteenth century.Apparently he did not read the rest of his book which went on ad nauseum about Americans in the nineteenth century chasing and counterfeiting the dollar.In another instance he concludes that all civil rights were suspended during the civil war (not that this had anything to do with $) - completely ignoring the fact that the Supreme Court overturned Lincoln's attempt to suspend habeas corpus.Lastly (I could go on and on), he finished the book by noting that on our dollar bills are the icons that were present at the birth of our nation.This, after telling how Grant and Cleveland were on our bills!Last I looked they lived late in the next century.

I kept hoping that some pearls about the dollar would come shining through.Whatever pearls there might have been were muddied by his erroneous history and his horrible interpretations of the history he included.

I felt I wasted a good deal of time reading this book.If one wants to read the only useful part of this book, limit yourself to the chapter(s) describing the private banknotes.Nothing before or after is at all worthwhile.

A good read, but know your history!
I am about halfway through this book. It is a pretty good book; it has an intriguing subject. But it is a bit confusing, and Mr. Goodwin has a tendency to go offtrack. Also, be prepared to know your history, because a lot of the people mentioned do not have introductions and/or biographies. Overall, this book is pretty good. ... Read more

Book Description

The common sense view of "money" as a natural and unchanging economic fact is, in reality, a product of contemporary society. Indeed, ever since money was invented there has been fierce debate about its political, economic and ethical character, and a continued discourse, involving academics, political theorists and social reformers, on the best ways to create money, the most effective rules for governing its use, and even the potential benefits of its abolition.

Recent years have seen an increasingly powerful resurgence of interest in fundamentally changing national and global systems of currency and in controlling the monetary trends -- the booms and busts of the globalized economy -- that affect all aspects of our lives. Yet few realize that these objections have deep roots and a rich tradition.

"The Money Changers" is a unique collection of historical and contemporary thought on the nature of money, combining the political and polemical, the analytical and the visionary. It draws on a wealth of expertise and experience, from the impassioned treatises of reformers such as William Morris, via the mainstream economics of John Maynard Keynes and Friedrich Hayek, to the entrepreneurial insight of social activists such as Edgar Cahn and George Soros.

This book is a timely guide to the key ideas and ideologues in a fast-moving debate on our economic and social future and will prove informative, enlightening and entertaining for academics and general readers alike. ... Read more

Reviews (1)

A fascinating wealth of economic insight
Compiled and edited by David Boyle (Senior Associate, New Economics Foundation, London, England), The Money Changers: Currency Reform From Aristotle To E-Cash is an anthology of expert essays by respected authors spanning a history of money ranging from 350 BC down to the modern day. Special focus is provided concerning the foibles, difficulties, and challenges facing currency systems. From the problems that arise from too much or too little money wreaking havoc on the economy, to the mind-boggling possibilities of electronic commerce and e-cach, The Money Changers is a fascinating wealth of economic insight, gleaned from great names through the centuries including J M Keynes, Benjamin Franklin, Andrew Jackson, Aristotle, Marco Polo, B F Skinner and much more. Highly recommended for both academia and non-specialist general readers with an interest in economics. ... Read more

Book Description

A dollar is a dollar--or so most of us believe. Indeed, it is part of the ideology of our time that money is a single, impersonal instrument that impoverishes social life by reducing social relations to cold, hard cash. Arguing against this conventional wisdom, Viviana Zelizer, a distinguished social scientist and prize-winning author, shows how people have invented their own forms of currency, earmarking money in ways that baffle market theorists, incorporating funds into webs of friendship and family relations, and otherwise varying the process by which spending and saving takes place. ... Read more

Reviews (1)

A Different Perspective on Money
Viviana Zelizer (VZ) provides an excellent alternative view to what the meaning and social significance of currency is and was in various sub-cultures in the United States. There isn't a day that goes by that I don't identify an application of VZ's analogy between the empty soup cans used by immigrants to the US to compartmentalize savings for different purchases of durable goods to that of our current mental compartmentalization of savings for different purchases. Essentially, people have there own unique utility graphs for different products - whether we realize it or not. VZ illustrates how these differing utility graphs overlap in the sub-cultures of the past, present, and future. I recommend this book for anybody interested in monetary history. ... Read more

Book Description

Billings and Collections Best Practices offers advice for implementing a plethora of best practices to greatly improve your company's level of efficiency in information reporting, including:

• Showing you how to create a more efficient billing operation.
• Demonstrating how you can reduce the error rate on bills sent to customers.
• Revealing specific steps for you to reduce the amount of outstanding receivables.
• Providing guidelines on how you can restructure invoice formats to shorten the payment interval.
• Detailing how to create a database for recurring billings and how to maintain its accuracy.

Book Description

The book examines the nature and extent of linkages in East Asia, in terms of trade and foreign investment, finance, labour, and consumption, investment and output ... Read more

Book Description

“In ‘The Social Meanings of Money and Property’ Kenneth O. Doyle has produced an intriguing study that lays the groundwork for understanding the role played by money and property among individuals, groups and even nationalities. The toughminded/tender minded dichotomy presented in The Social Meanings of Money and Property can also be viewed as the Conservative/Liberal conflict. Conservatives demand self-reliance and Liberals crave nurture. The Social Meanings of Money and Property is first a psychological treatise, second it is a stimulant for complex thought.”—W.J. Rayment, Conservativebookstore.com“A most important study… in the grand style of a Joseph Schumpeter…. [It] will reward both the expert and the general reader.”—Matthew Lamb, Boston College “Kenneth O. Doyle’s book, The Social Meanings of Money and Property, is one of the most wide-ranging and scholarly books I have ever read. . . .The comprehensiveness of the scholarship Doyle amasses will undoubtedly stimulate scholars from a variety of disciplines to test out the implications of the model.” –Wilbert J. McKeachie, University of Michigan Why would a man with more money than he could ever spend risk career, family, and freedom for a modest increase in net worth? Why would a woman who never cared at all about investments perjure herself for a better divorce settlement? Why do people of some cultures seem inclined toward economic success? What are the fundamental differences between conservatives and liberals, or capitalists and socialists? Is there any hope of rapprochement between Economic Man and Psychological Man?In this book, Professor Kenneth O. Doyle spells out a theoretical system for understanding these practical, everyday problems, using a conceptual framework for studying the social meanings of money and property. He finds fundamental meaning in the concept of talisman. We use money and property, he proposes, to protect ourselves from fears characteristic of our personalities: the fear of incompetence, the fear of abandonment, the fear of disarray, and the fear of constraint. The Social Meanings of Money and Property will be of interest to scholars and students across a number of disciplines, including, but by no means limited to, psychology, sociology, and economics. ... Read more

Reviews (3)

A Must-Read to Understand the Money-Mind Connection
This is a brave and fascinating book.It gives a clear-eyed examination of the connection between love and money, and how easily one can be confused by the other.The book brings together highly original ideas about philosophy, law, religion, history, and personality theory, with the compelling subtext of people's feelings of anxiety or confidence as they relate to money (or the lack of it).Bottom line: The book explores how people use money and property to communicate with one another.Not an easy read, but well worth it.Highly recommended.

READ THIS BOOK
This book gives the reader an interesting challenge.That is to look at money from a perspective that is challenging and inspirational.With useful information and piercing insight the author uses his unique mastery of the issue to delve into areas which have long been forgotten in the plastic pushing fancy of commercialism.

With important implications for academics, practitioners, or anyone who thinks they "know" about money this book is a MUST READ for all.Give this one for Fathers Day and get a hearty thanks!Put aside some time because once you get inside this book, you will not want to put it down.Once read you will see the offerings of money and property with a robust and deeper understanding.

Integrating and weaving cultures, psychology, and meaning with skill and grace this author takes an approach that is at once searching and at times searing.Find your own Talisman with the help of these pages.A Mighty Thank You to the author for your adventurous exposition!!!!!!

Phony Meaning of Money
Not bad for bathroom reading, but poor for academic inspiration. ... Read more

Book Description

The creation of the Economic and Monetary Union (EMU) marks a leap forward in European integration. Authority over monetary policy has moved from member states to the European Central Bank, an independent, supranational institution. This volume examines the ways in which the "European model of society", characterized by bargaining between "social partners"and relatively high taxes and transfers, has been affected by EMU. The book discusses the nature of the European model and explores change across Europe, showing how national governments have been constrained, even in their social and industrial policies. ... Read more

Book Description

The Seven Laws of Money tells how to live with money: how to get it, care for it, and forget about it. An underground classic among corporate executives, accountants, and entrepreneurs since the 1970s, it is rooted in the author's commitment to right livelihood, to learning how the world works, to a willingness to "fail young," and to networking. Phillips shows how to combine these principles with the seven laws to engender a healthy, fearless attitude toward money. ... Read more

Reviews (8)

the good, the bad, the BORED!
GOOD = HAS SOME GOOD TIPS ON BUDGETING,AND BANKING.

BAD = CONSTANT PLUGS, A BIT ARROGANT...MEMEMEMEME!

BORED = BOOK TAPE IS BORING,AND MONOTONED

It's not really about money.
If you are looking for a book on how to accumulate the maximum number of green backs, this book is not for you. If you want a simple philosophy of money which will make you wealthy in more than just the material sense, buy this book and read it at least twice.

I first read this book almost 20 years ago, and every time I got greedy, and broke one of the Seven Laws of Money, I paid dearly for it.

There IS something here
I first read this book several years ago and not too particularly impressed I put it on my bookshelf and forgot about it. The other day it literally fell off the shelf and landed at my feet. I had completely forgotten about the book. It's a short book; why not read it again I thought. I did and was captivated. What happened? I would have given it two stars before, now I'm giving it five. I changed: In the intervening years I have become somewhat financially successful. Back when I first read it I was looking for some method to make money and didn't find it in that book. Now I know there is none. All books are mirrors of their readers as are these reviews. You have learned more about me than you will ever learn about The 7 Laws from reading this review. What can I tell you? Read the book or don't. When you find that no method or technique ever really works then you won't need this book or any other.

learn something
michael phillips is one of the most refreshing thinkers in the world of money and business. this book from the early 70's has much important wisdom for anyone concerned with the subject. the original by random house has been out of print for years and is well worth finding if you can get your hands on a copy. it's totally 70's san francisco, but is richer than the shamballa abridgement.

For A Much Better Choice
I'm sure the author is a good guy with a big heart, but unfortunately this book is incredibly weak. It's very dated and in desparate need of editing (at one point the author says something about being philosophically against rewriting/editing--and man does it show). I assume consistent plugs by the Whole Earth Catalog and the Whole Earth Review got this book its notoriety, but it's hard to imagine how it has maintained its counterculture mini-classic status. Probably because for years it was the only alternative money book around (and it does have a great title). For much better financial advice and infinitely better writing, check out The Mindful Money Guide. It's wise, witty, and covers all matters financial--always with an eye to quality of life. (The book even has a section titled The Cosmic Laws of Money.) ... Read more

Book Description

Expanding upon the literature of new institutional economics, the first part of this study stresses the significance of imperfections in information, bankruptcy and banks. The second part examines the policy implications of the new paradigm emphasizing loanable fund demand and supply, and demonstrates its relevance to our understanding of two recent historical episodes--the East Asian financial crisis and the 1991 U.S. recession and subsequent recovery and boom. ... Read more

Book Description

Since Diners Club issued its first charge cards in 1950, payment cards--credit, debit, and charge cards--have revolutionized how and when we pay for goods and services. In Paying with Plastic, David Evans and Richard Schmalensee provide a nontechnical distillation of their years of research on the economic, technological, and institutional forces that have shaped the payment card industry. They show how competition works in an industry that does not neatly fit any of the standard economic models. They describe how the payment card companies such as MasterCard and Visa have developed complex systems for coordinating transactions among their thousands of bank members and millions of cardholders and accepting merchants. Evans and Schmalensee also describe recent developments in the industry and consider its likely evolution. ... Read more

Reviews (3)

Bias comes through.
The authors both are long-time consultants for Visa and it is very apparent in this book. The discussion of MasterCard, Discover, and American Express is limited. The treatment of various legal actions (Nabanco, US DOJ, WalMart, duality) is one sided. There is minimal study of the economics of the business from vantage points (consumer, merchant, acquirer, Issuer, co-branding partner, etc.) other than the card association.

It's clear from some of the statistical material prsented that Visa particpated in the book.

Ever see JAG? It's about a real portrayl of the Navy & Marine Corp as this is of the card industry.

A monumental effort!
I picked up this book because I have always been interested in the history of money and the power of gold as currency. If you are fascinated by the concept of money and how it makes the world go round, Paying With Plastic will whet your appetite.

To many a layperson, paper money has intrinsic value ostensibly because it is backed by gold. That, is furthest from the centre of gravity. Since Bretton Woods, paper money has not been backed by gold and has absolutely no value. The "value" of paper money is perceived and has "value" only because governments say so and because we believe in it. In fact, paper money forms only a very small portion of the money that is in circulation. These days, money is in the form of digits, bits and bytes - expressed as numbers in some computer harddisk.

Paying With Plastic explores a new form of money and how credit cards are the latest form of money - evolving from metal coins, bills of exchange, and paper money. The book traces the early and painful development of what was initially a clumsy mode of payment to what is today one of the most effecient, organised and widespread form of payment.

Paying With Plastic is the leading book of its kind - thorough, yet readable. If you are interested in the concept of money and how the credit card system works, then this book is for you.

Excellent overview of the development of cards
The authors bring disciplined methodology to the study of "industrial development," using credit cards as a case study. The book is useful not just for its anecdotal review of how credit cards got started & how they are used; and not just for the wealth of statistics it provides on how card & other payment usage has changed over the years; but most importantly, by putting some structure around all that material so that we can understand it coherently. So many books on banking & on industrial development (like things by guru Tom Peters) are just so many anecdotes strung together for 100s of pages, with no "system" for understanding what's being talked about. This book's strength is that it provides the reader with a way of interpreting not only what's in the book but with a way of understanding the incessant new developments in the industry that we read about in the trade press every day. I recommend this book highly to anyone in banking or interested in what's going on in the payments system. ... Read more

Book Description

Book Description

The eight cassette in a series of lectures based on A COURSE IN MIRACLES, Marianne Williamson here discusses money and all its ramifications. In her lectures The Meaning of Money and Money Spiritualized, Marianne encourages us to change our thoughts about money, where it comes from and how it's used.

Poverty, or lack of anything, comes from a belief that we are less than what god made us. god's abundance is available to each of us, and by believing this we can change our attitudes toward money, our work in this world and ourselves.

Money is energy and energy is infinite in the universe. by doing what we love to do-and working for love and not for money- we will benefit in many ways, including monetarily. the key is to see money as a neutral entity, neither good nor bad, and find work we love to express God's goodness through our gifts. The money we receive from work can also be used to heal the world through the continuous flow it provides from ourselves to others and back again.

Marianne Williamson continues, to expand the growing international audience for her profound yet down-to-earth interpretations of A COURSE IN MIRACLES, the revolutionary self-study program of spiritual psychotherapy.

Reviews (1)

Love this!
Marrianne Williamson's work is both real and honest. Rather than couch things in a concepts that are alien or extremely religious, she talks to you about the realities of existing. Of how things will not always be easy, about how you will lose your way, and honestly how to see people clearly. Growth is messy, it's not neat, maturity is not easy, nor is spirtiuality delicate work, but with assistance from a tape like this you can see yourself clearly and how to bridge yourself from concept to human to spiritual being. ... Read more

Book Description

In this lavishly illustrated work Peter L. Bernstein tells the story of one of mankind’s most intoxicating obsessions: gold. It has been both an inspiration and a destroyer, determined the fate of kings and emperors, inspired the most beautiful works of art, provoked extreme cruelty and driven men to endure intense hardship. From the ancient fascination of Moses and Midas through the gold rush, to modern financiers, gold has led many of its most eager and proud possessors to a tragic end. The gold they thought they possessed came to possess them. Such is the power gold.

Far more than a tale of romantic myths, daring explorations and the history of money and power struggles, The Power of Gold suggests that the true significance of this infamous element may lie in the timeless passions it continues to evoke and what this reveals about ourselves. ... Read more

Reviews (35)

As good as gold
Except for a brief explanation of what gold is, and a few of the major gold rushes, "The Power of Gold" is essentially the economic history of gold. That isn't neccessarily a bad thing, the only major flaw with the book in my opinion is when the Europeans/Americans wrangle over the gold standard. The last section involving how much gold is a dollar or a pound is just plain dull. However, most of the book a fascinating look at our fascination with the magic metal. My favorite history books are written by novices, since the author usually enjoys his subject enough to write about it, and Bernstein does have an enthusiasm over his subject that is infectious. So, I would definitely recommend this book to anyone interested in the history of gold or even modern money.

A Powerful Study
Peter Bernstein has written a fascinating account of the role of gold throughout history. This book should help solidify him in the front rank of current economic writers. Starting with the physical properties of the metal which help explain its attraction to cultures around the world, Bernstein traces the evolution of the precious metal from the time of Croesus through the abandoment of the Bretton Woods system.

The book is as much a sociological study as a financial treatise and readers looking for a strictly economic argument about the merits/demerits of a gold standard should probably look elesewhere. Having worked for a money management firm who was the largest owner of gold equities in the world, I am familiar with the obsession of the true believers and they will not be satisfied with this account. But true believers aside, perhaps the most powerful argument that Bernstein makes is a question - namely, why should the pace of human economic development be controlled by the vagaries of nature and changes in extraction technology.

A look at gold for what it really is...
I thoroughly enjoyed this book and it answered many of my nagging questions about gold's history and in some cases financial history. While I was well prepped by other comments on how this was more a "history" book rather than an "investment" book, I didn't expect the degree of insight it would offer me into our existing monetary system. I found that insight rounded out the book very well.

Given the evolution in our financial and monetary system over the past few centuries, it amazes me to see the number of people who are still enamored with gold. The only real justification for holding gold is to be insured against a catastrophic event hitting the global financial system. Given that gold earns nothing waiting for that unlikely day, every investor has to ask them self how much they are willing to pay for that insurance.

Peter Bernstein makes a fairly compelling case to look at gold for what it really is today - a commodity. Gold did have it's day in the sun, but that sun has now set...

Not bad.
Having expected this book to be more about the get rich schemes or preparing for the collapse of the world economy, I found this book to be more like a world history lesson on gold instead. The book provides an interesting look at gold from a historical perspective, and how it has dominated civilizations around the world in both the past and present. Gold has, as few would doubt, stood the test of time akin to a financial Rock of Gibraltar, and this book presents why that has been so and why it will continue to be so.

Great history of gold and money in general book.
Not your typical gold book (most are Buy Gold Now! type books - this is an honest history), the author is a true historian that writes in a very easy to read and compelling style. I actually laughed out loud twice while reading his footnotes! One of the best books out there for getting a historical look at gold and its role in our world. Also gets you current on the last 100 years of the forces driving the international money supply.

Bernstein also wrote Against The Gods: The Remarkable Story of Risk, another great read and hard to put down (a must for any gambler/investor). ... Read more

Book Description

The main objective of Credit Risk: Modeling, Valuation and Hedging is to present a comprehensive survey of the past developments in the area of credit risk research, as well as to put forth the most recent advancements in this field. An important aspect of this text is that it attempts to bridge the gap between the mathematical theory of credit risk and the financial practice, which serves as the motivation for the mathematical modeling studied in the book. Mathematical developments are presented in a thorough manner and cover the structural (value-of-the-firm) and the reduced (intensity-based) approaches to credit risk modeling, applied both to single and to multiple defaults. In particular, the book offers a detailed study of various arbitrage-free models of defaultable term structures with several rating grades. ... Read more

Reviews (2)

Could have been much better
In summary, this book is a disappointment. It presents a lot of material in an inaccessible way and doesn't provide solid explanations/proofs for a lot of material. It is also largley mathematical as opposed to the far superior 'Martingale methods in finance' by the same author, which takes the time to talk about applications to finance. As a credit derivatives quantitative analyst I was already familiar with the material in the text and that is the only reason why I understood it. It attempts to bridge the gap between theory and practice but in my opnion achieves neither.

Another math book
This is another typical book written by mathematician, and for mathematician. What can one learn from this book? Basically not much. If you don't really know much about credit risk, you still won't know after much after you read the book. If you are a quant, this book definitely won't help you much.

Who might need this book? If you are a mathemtician with research interest in probablity, AND you like the book "Martingale Methods in Financial Markets" by Musiela and Rotkowski, you might want to buy this book. ... Read more

Book Description

The single most important topic in finance today is the art and science of credit risk management. Growing dissatisfaction with traditional credit risk measurement methods has combined with regulations imposed by the Bank for International Settlements (BIS) in 1993 to send numerous financial institutions in search of alternative "internal model" approaches to measuring the credit risk of a loan or portfolio of loans. This has led to a raging debate over whether internal models can replace regulatory models, and which areas of credit risk measurement and management are most amenable to internal models. Much of this highly technical debate, however, has been inaccessible to the interested practitioner, student, economist, or regulator-until now.

In Credit Risk Measurement: New Approaches to Value at Risk and Other Paradigms, Anthony Saunders invites a wider audience into the debate. Simplifying many of the technical details and analytics surrounding internal models, he concentrates on their underlying economics and economic intuition. Professor Saunders examines the approaches of these new models to the evaluation of individual borrower credit risk, portfolio credit risk, and derivative contracts. The alternative models explored include:
* Loans as options and the KMV model
* The VAR approach: J. P. Morgan's CreditMetrics and other models
* The macro simulation approach: the McKinsey and other models
* The risk-neutral valuation approach: KPMG's Loan Analysis System (LAS) and other models
* The insurance approach: mortality models and CSFP credit risk plus model
* Back testing and stress testing credit risk models
* RAROC models

With its comprehensive coverage, summary, and comparison of new internal model approaches along with clear explanations of often complex material, Credit Risk Measurement is an indispensable resource for bankers, academics and students, economists, and regulators. ... Read more

Reviews (4)

Dated Material
This book reviews concepts that have been around for more than 10 years and well published in articles. Perhaps it pulls it all together in book form, but even so, it is dated. It is light on credit derivatives and the exploding market in synthetic securitizations driven by credit derivatives. These products introduce structured credit risk (and hedges) to banks and investors.

The reader will need to buy "Credit Derivatives and Synthetic Structures" by Tavakoli to get insight into these products.

Don't waste your time
Working in the banking industry I was turned on to this book by a colleague and what a colossal waste of time reading this was. The vast majority of this book's models are outdated and if Mr. Saunders was trying to write a historical piece he has accomplished that in spades. Nothing in this book is relevant and it is obvious the esteemed Mr. Saunders lent his name to a very poor book that he probably should have glanced through if not read. Linda Allen should probably get some real world experience because she is wasting people's time with her research.

Good intro, but not enough details
I have a copy of this book. It covers popular credit risk models and things like RAROC, etc. These concepts have been discussed extensively in the industry but I assume this is the first in the book form. The book does a good job in presenting basic ideas. However, if you are looking for technical details, you best bets are still the original technical documentations (CreditMetrics, CreditRisk+, KMV, etc). Nevertheless this book is a useful survey of the current stable of models. Besides, it is not very expensive.

RAROC
I like the part on RAROC and KMV, interesting boo ... Read more

Book Description

This volume, fourth in a series of periodic histories of the institution, is as much a history of the world economy during 1979-89 as one of the IMF itself. Boughton discusses the IMF’s surveillance of the international monetary system in the 1980s; the Fund’s role in the international debt crisis of the 1980s, and IMF lending in support of structural adjustment in low-income countries during that period. The volume concludes with a general history of the institution, including the quota system, the SDR, membership, and other institutional matters. ... Read more

Reviews (9)

Collorful Images
If you are looking for something with a lot of images, that's what you need.
Very nice and fine printed, but it has not so much to say.

If it's so old-fashioned, why do they call it currency?
Probably not the venue to launch into a tirade against the stultified, diploma/stock certificate-like house design style of the American treasury. But when you see the variety, color, flare and adventuresome spirit of other countries' currency designs, it is enough to make you positively ill. This is an old complaint, of course. This books visuals make a totally convincing case for the plaintiffs, however.

There WAS one brief shining moment when American money designers put something better, a real world-class moolah design, in our wallets. --See the gorgeous 3 bill "Educational" series of the 1890's or the Buffalo dollar from the first decade of the 20th Century (with, yes, a full body engraving of a buffalo in the usual bureaucrat spot on front, and two bonus spots on the left and right bearing likenesses of Lewis and Clark). After this frolicking fist full of dollars, American currency design "went corporate"; there hasn't been a really fun or cool bill in almost a century now.

The US post office has dolled up their issues to the point people accuse them of tackiness or pandering to populist taste. This is how we can see that stamps are alive as a design vehicle. When everything is august and handsome and tasteful, it is precisely as dead as...well, as American money design.

Beautiful images, irritating text
Make no mistake -- this is a very attractive book. Frankly, its Jeremy Stout's design and Joshua Dunn's photography that make this book worth buying. Full color images of hundreds of U.S. and foreign paper currencies delight the eye. The layout itself takes its inspiration from money, with security stripes and microprinting, and even page numbers look like currency serial numbers.

The commentary, however, is another issue. While often containing valuable tidbits of the history of paper currency, especially in the section on the United States, "The Art of Money" suffers from failed attempts at humor and an often joyless condescending tone. In an entry on Queen Elizabeth II she's described as looking a little too much like "Prince Charles in drag." The portraits on the redesigned U.S. currencies are described as looking like characters on "South Park".

For most readers, this is not helpful information. In addition, there are too many explanations of images that include the modifiers "must be", "could be", "it would seem so" and modern interpretations of allegorical scenes. Absent an expert's analysis or first-hand knowledge of the reasons behind the placement of images on currency, the author's speculations do not help the novice currency collector and are likely to annoy the professional.

In the final analysis, its the photos of the currencies, and not the captions, that make this book an enjoyable "read." And, as a former articles editor for "Playboy", Mr. Standish might forgive readers if we pick up his book only to look at the pictures.

Glass Half Empty...
Clearly this book is not directed to specialists in the field of world paper money collecting, though many dealers, it seems, are happy just to have something glossy and well-produced to entice people into joining the hobby. Yes, the book is pretty, and yes, it is entertaining. Unfortunately, it ignores an important issue that is at the core of paper money: politics. Why do some paper money designs change while others remain the same? Why do some countries put their leaders' pictures on their money while others would never do such a thing (at least not until they are dead)? Why do pounds become dinars, cruzados become reals, etc.? The book leaves the reader with the impression that the designs on paper money are hardly more than a celebration of a country's cultural and technological accomplishments, but there is more than that...

This is why the book ultimately falls short: By studying the art of money only as an end rather than as a means to an end, a vast -- and fascinating -- dimension of the story is lost. Hopefully there will be other books on the topic that go beyond this initial effort.

worth its weight in gold
Money money money. We all want it. We all need it. We all have it. But how much do we know about the heart and soul of this powerful paper?

In The Art of Money, David Standish expands our world by exposing money's role in politics, industry, commerce, nature, art, and sex - yes, even sexy money - "...an appreciation and celebration of the human form, an admission that we are flesh, after all..."

This beautiful book is a masterpiece of what it means to truly work outside the box. Of all the people I know, I am the least interested in (or good at) understanding the mechanics of money. All I know about money is that when I have some of it in my pocket, I can eat. When I don't have any, I go hungry. I never looked at its colors, pictures, history, and certainly never considered it art. Art? Human nature? Intrigue? Those were the things I was interested in....and The Art of Money contains all these subjects and more. Much more.

The Art of Money captured my interest from the very first page with an amazing reproduction in full color of a 50-Gulden bill, displaying a detailed sunflower and bee: "In indirect but bright homage to van Gogh, the image says, simply being placed on the bill, that they value art and beauty in the Netherlands." This was especially relevant to me because of my Dutch ancestry and my fondness for the Dutch impressionists. But my main interest is animals - what could possibly be written about animals and money? Standish includes an international zoo with four exotic sections on nature, includingwild birds and an African safari. No nature lover will be disappointed in these pages.

Standish takes off full speed from there, guiding us around the world as only a knowledgeable and friendly tour guide could. The exquisite color pictures and stories behind the pictures are as captivating as their countries of origin. The graphics alone make this book worth its weight in gold. But the bonus is in the words which transported me effortlessly into an exciting realm of which I had been totally unaware. My 20 dollars spent on this book bought me a larger, brighter, more interesting world. A bargain any way you look at it.

Cathie Katz, Melbourne Beach, Florida ... Read more

Book Description

More than a million American families now file for federal bankruptcyannually, and many more are perilously close to financial disaster. In this importantanalysis of hard-pressed families, recently featured in articles in Newsweek, Forbes,Chronicle of Higher Education, and the New York Times, the authors discover thatfinancial stability for many middle-class Americans is all too fragile. The authorsconsider the changing cultural and economic factors that threaten financial security andwhat they imply for the future vitality of the middle class. ... Read more

Reviews (11)

Wake-up Call for Women and the Middle Class
This is an important book for women to read. It explores how our seemingly-secure middle class lifestyles may be shattered by a job loss or a serious accident or illness. The authors explain how credit card debt makes families particularly at risk. The most disturbing chapter to me was the description of what happens to women following divorce. The authors show that a divorced woman has a 300% greater chance of filing for bankruptcy than her married sister. Can it be, as the authors say, that a woman's economic success is still largely dependent on marrying--and staying married?

This book made me think about social class mobility in a different way. The authors study middle class people on their way down. They show how people with good educations and in decent jobs can have their lives turned upside down by a layoff, a job transfer, an illness, an accident, or a divorce. According to the authors, more than a million families each year are going to the bankruptcy courts for protection.

The book is well-written, lively and sometimes witty. A good, but disturbing, read.

Excellent read
These people truly understand the bankrupt debtor. Few do. If either of the bankruptcy reform bills pass in their current form America is in trouble. You see, people need a fresh start. Current reform will push people into Chapter 13 and force people to live within IRS standards. Unfortunately, when people think of a bankrupt person they think "deadbeat." That's not true. And by reading this book its obvious that these authors understand that. What needs to happen is you tweak the Chapter 7 guidelines, but put more emphasis on giving people an incentive to file Chapter 13. (i.e., bankruptcy removed in 3 to 5 years when discharged!) This book is very well written and full of non-biased information like all of the other so-called "studies" published by people and companies who want bankruptcy reform.

DROWNING IN DEBT
IN 2OO3, OVER 1.6 MILLION AMERICANS FILED FOR BANKRUPTCY. OVER 33% OF THE AMERICANS THAN OWN A HOME ARE ONE PAYCHECK AWAY FROM FORECLOSURE. Is it that hard to believe that America is fastly becoming a nation of debtors. Even more interesting, the government actually promotes it by slack regulations, unnaturally low interest rates, and a willingness to keep Americans spending. This book does a fantastic job in helping anyone understand just how bad it is, and just how blind we as Americans are to the situation. 4 STARS! - Mason Johnson, President, www.tomorrowsgold.com

Could Happen To You, Could Happen To Me
This is not a "sky is falling" or alarmist book. It's not a negative gloom-and-doom book. It does focus on an unwanted event we consider negative, and it does occur in millions of peoples' lives. Da Big "B." It could happen to you, it could happen to me. Authors Sullivan, Warren, and Westbrook have decades of experience in the industry and provide one of the most detailed and accurate pictures of the people and circumstances within it.

In addition to statistics and research, tables, and graphs, the authors conducted detailed surveys of 2,452 people and provided case histories of folks that filed for bankruptcy in the 1990s. They come from all income and occupational levels, and from all geographical areas of the country. Just like you and me. It only takes a hiccup. Keep your eye out for the legislation that will be coming forward. Although it would be unpleasant, bankruptcy is not the end of the world, by any means. There are worse things that can happen in life.

The "Fragile Middle Class" has non-biased an informative information on....us. What is the reality behind the so-called middle class? While millions of individuals and families are members of this club, and we have a definition of what qualifies people as being part of it, what is the financial health of the American middle class today in 2003? Real income is still declining, even after the economic boom of the 1990s. (This was a pseudo economic boom). Personal debt is at record levels. If truthful accounting and honest financial disclosures are conducted, being middle class means living paycheck to paycheck, on the brink bankruptcy, due to even a minor financial hiccup: divorce, a staggering medical bill due to illness or accident, or loss of a job. The authors' introduce the new concept called "skidding," which is when a person changes jobs, which results in lower pay, and therefore less income coming in. And they discuss the record number of people who've recently gone bankrupt. This book is about those, who are most of us, that teeter on the edge.

First, debt is essential to living in our modern economy, and when used properly is good for us, and benefits the economy. We can't now, and have never been able to pay cash for our home, or a new or used car. When people invest in real estate or a business, they borrow capital. Having leverage is actually better. However, total Debt ratio is the largest it's ever been, combined with stagnant and declining wages. 2/3 of the American economy is dependent on consumer spending, completely dependent upon people spending their on money on--everything. One example, out of thousands, is the recent public "begging campaign" from politicians and high-profile business spin doctors in New York, imploring people to "come to New York and spend money," to revive the economy. When there is a slight dip in consumer confidence we hear about it from the media, because it's considered so vital to the U.S. economy.

This book uses historical as well as current notes, stats, and case studies, with the majority of the findings from the results from the decade of the 1990s. It is obvious that the tech-boom of the 90s was a temporary band aid that was applied to a long-term sociological and economic bullet wound. Financially, Americans are in some of the worse financial shape they've ever been in. Why is consumer debt at an all-time high? Why over one million bankruptcies per year? This book conducts research and analysis that paints the modern day picture from the perspective of people in the bankruptcy industry. And today, the bankruptcy numbers are so significant that the Federal government will soon pass legislation in an attempt to reduce the numbers of Americans filing. However the reduction in the number of filers means major changes need to be made by our societal and cultural expectations, financial institutions, and personal spending habits and behavior. Something that Congressional legislation can't do alone. There will be an impact, but it will be minimal. One could adopt my personal attitude, which is simply not to care.

A Rehash
Rehashes their earlier book and reiterates the same tautology: too much debt causes bankruptcy. ... Read more

Book Description

Americans have fallen for the ticker tape. We watch our portfolios, happily or nervously. We know there were a few bad apples at Enron and World Com, but we also know:
-The advent of mutual funds, low-cost brokerages, and the Internet has meant that the stock market is now more transparent, honest, and accessible to the small investor than ever before;
-401(k)s give the individual responsibility and control over their retirement savings, and that makes us more responsible citizens;
-Federal deficits are bad for the economy, especially, somehow, when they"re linked to social spending; and
-Controlling inflation is the most important task of our economic policy.

But as economist Ellen Frank shows us, what we know is wrong. Over the past twenty years, Americans have been fed a mash of confusing financial and economic information. This information has distorted popular understanding of how the economy really operates and camouflaged the transformation of economic policy from a tool for improving the living standards of all to a tool for securing the perquisites of those with financial wealth. ... Read more

Reviews (5)

Botswana?
After a series of ad hominem attacks a Reader from Washington, DC writes (below): "Her characterization of Botswana is a perfect example of the chasm in her own knowledge. It's very clear to the reader that Ms. Frank has no idea that Botswana has enjoyed the highest per capita growth rate of any country in the world over the last 35 years when she cites it as an example of a developing country that has suffered from poor economic choices by its government."
It is true that Botswana has a public sector debt equal to a mere 10 percent of its GDP. This is very low and it gives Botswana high marks with DCReader and the International Monetary Fund. But is that really a mark of a successful economy? Switzerland, the UK and the USA have debts exceeding 50% of their GDP. Canada has a debt almost equal to the GDP and Italy and France have debts exceeding the GDP. On the other hand the HIV rate in Botswana is 38.8% -- more than one person out of every 3 has HIV. President Festus Mogae (Botswana) issued a chilling warning last year that his AIDS-ravaged country faced extinction if it failed to slow the spread of the deadly virus.
Dr. Frank actually wrote: "The International Monetary Fund, increasingly regarded as a voice for financial interests throughout the world, routinely requires fiscal austerity plans from developing countries as a condition for receiving loans. The financial community's insistence that developing countries balance their national budgets has killed efforts to spur internal growth through public spending programs. In an article on the downgrade in Japan's bond-rating, the New York Times pointed out that Botswana has a public sector debt equal to a mere 10 percent of its GDP. The authors do not point out that the population of Botswana, decimated by AIDS, might be better off had their government utilized more of the country's resources on their behalf."

Provocative and accessible
Ellen Frank argues convincingly that economic policy has been hijacked by an economic elite who put protection of their own assets above other social goals like promoting jobs and protecting ordinary Americans from poor health, old age and unemployment. Unlike other books that focus on the outcomes of this political shift --growing inequality and so forth -- Frank's book details how the policy shift is sold via mind-numbingly confusing debates about technical financial issues -- federal debt,inflation, the value of the dollar. It is a very engaging, provacative and accessible book. The chapter on
the Fed and inflation alone is worth the price of admission.

Pulling the curtain aside
We all know that things are seldom what they seem. The earth is not flat. The sun does not move around the earth. The stars are not tiny pin pricks of light. The "solid wall" before us is almost entirely empty space. And that is just the physical world - how much more deceptive is the world we create - the world of stocks, money, debt and finance. What does it really mean to own something? Is money wealth? Would it still be wealth if there is nothing to sell? Is a stock certificate wealth? What about a house? Dr. Frank does an excellent job of explaining the difference between the money economy (the economy of money, stocks, mortgages and other paper) and the "real economy" (the economy of houses, bread and cabbages).

It is no surprise that the people with some understanding of these things are robbing the rest of us blind. Trying to understand them is more than just idle curiosity - it is self-defense. Ellen Frank pulls the curtain aside and allows us to see what this human world is really like. "The Raw Deal" and William Greider's "Secrets of the Temple" should give every reader a fighting chance to keep her head above water.

Dr. Frank gives an excellent summary in Chapter 1. I will simply add that the book more than lives up to the promise. In addition it is really quite readable and interesting.

"Each of the following chapters is an attempt to dispel the myths and illusions surrounding money, financial markets, federal finances, the financial policies of the Federal Reserve, and the policies of global financial institutions. At each turn, we will examine the myths promulgated in the media, the policies these myths engender, and the real impact these policies have on ordinary wage- and salary earners.

"Because the shifts in economic policy rest, to such a degree, on aligning the perceived interests of wage earners with financiers, chapter 2, will focus on the illusions surrounding the stock market and individual stock investing. Recent events shattered some, but not all, of those illusions. And recent corporate scandals have left Americans no less dependent on financial markets for funding retirement and higher education. I will argue that the stock market can never provide economic security for the majority. The problem is not simply that financial markets are volatile, or that they have been rigged by insiders. Rather, stocks and savings accounts provide middle-class households with no secure claim on the production of the real economy.

"The politics of finance and money rest on a deliberate misrepresentation of government finances, fostering the belief that governments operate under restraints that are not, in fact, operative. Chapter 3 assesses the debates over federal borrowing, debt, and the prospects for Social Security.

"The economic origins of our current impasse lie in the extraordinary power ceded to the Federal Reserve and other central banks in the 1980s and 1990s. Chapter 4 casts a critical eye on myths surrounding the conduct of monetary policy and the problem of inflation.

"The economic consequences of the raw deal are today most evident in developing countries that, under the tutelage of the International Monetary Fund, geared their policies single-mindedly toward the protection of financial wealth. Chapter 5 looks at the role of the dollar in the world economy and the devastation that efforts to ensure the dollar wealth of international investors have wrought on the real economies of Asia and South America."

Chapter 6 offers suggestions for how to move beyond financial myths and construct policies that sustain and share the real wealth of the economy."

Economics explained at last
If you are trying to understand the rudimentaries of money,
interest rates, the fed, public debt and all that jazz and
would like a perspective to the left of the typical college
text, this is the book for you've been waiting for. Beautifully
written, strongly argued. This is the kind of book
Heilbroner used to write.

Advancing an Agenda and Not Education
Ellen Frank's "The Raw Deal" may be the ultimate proof of a vast right-wing conspiracy intent on ruling America for the benefit of a wealthy elite. What else would explain how such a flawed book that purportedly illustrates how economic terms and concepts are willfully misused, but is actually a call for a more socially conscious economic policy could ever be published? Her analytical skills are rudimentary, her choice of illustrative examples is skewed, and her aversion to financial markets borders on paranoia. It is so easy to dismiss much of what she writes on a simple factual basis that the reader is not forced to confront some of the h