Book Description

If one of the1.5 million people and businesses that declare bankruptcy this year owes you money, there's still a chance you can get it back. But how do you win if your attorney charges more than it's worth to recoup your loss?

Answer: Skip the lawyer's fees and read Getting Paid. Whether you're a business person, ex-spouse or employee, Getting Paid takes you through the process of getting what you're owed. Find out how to:

*examine bankruptcy papers

*file and defend your claim

*get paid for secured claims 

*file basic motions and complaints

*expose a "bad" bankruptcy

*uncover hidden assets

*minimize future losses

*and much more

Armed with Getting Paid's plain-English legal information and step-by-step instructions, you can dramatically increase your chances of getting some -- if not all -- of your money back! ... Read more

Reviews (1)

European psychologists examine money and the mind
As a researcher in the field of economic psychology, I am impressed by Furnham and Argyle's depth of knowledge in this area. Most of the research reported in this book is European in perspective, but the European's have always outpaced American economists and psychologists in this field. I am especially pleased to report that the authors have become aware that we poor American scholoars do exist and personally, I am estatic that they cite several of the research articles that I have written in the last five years. Those interested in the cross cultural study of money in this age of a global economy should read this book very closely to discover the differences and similarities in the human mind when it comes to thoughts about money. It is my hope that this book has many readers and that it creates more practical and academic perspsectives on the study of the mind and money around the world. ... Read more

Book Description

This long-awaited book, coauthored by Nobel laureate and Yale University emeritus professor Tobin, is the essential guide to monetary theory for those who need the best available, most authoritative economic explanations. This fundamental introduction includes authoritative coverage of the mechanisms of the Federal Reserve and how its policies affect investment activity via interest rates and the credit offered to private borrowers. ... Read more

Book Description

edited and with an introduction by Benjamin M. Friedman


The connection between price inflation and real economic activity has been a focus of macroeconomic research--and debate--for much of the past century. Although this connection is crucial to our understanding of what monetary policy can and cannot accomplish, opinions about its basic properties have swung widely over the years.

Today, virtually everyone studying monetary policy acknowledges that, contrary to what many modern macroeconomic models suggest, central bank actions often affect both inflation and measures of real economic activity, such as output, unemployment, and incomes. But the nature and magnitude of these effects are not yet understood.

In this volume, Robert M. Solow and John B. Taylor present their views on the dilemmas facing U.S. monetary policymakers. The discussants are Benjamin M. Friedman, James K. Galbraith, N. Gregory Mankiw, and William Poole. The aim of this lively exchange of views is to make both an intellectual contribution to macroeconmics and a practical contribution to the solution of a public policy question of central importance. ... Read more

Reviews (1)

fruitful and timely discussion
"Inflation, Unemployment, and Monetary Policy" is one of the most serious problem in the developed countries, especially my country Japan, which is suffering a severe unemployment problem for a longrecession. Because of the continuous Government's spending policy. Japanesefiscal situation is deteriorated, so japanese economy's last hope is amonetary poicy.At that time, reading this exciting book and studyingexcellent opinions of 6 notable economists are truly fruitful. In thisbook, 6 economists make a poweful and exciting discussion...of course,there is no perfect solution...But, I believe that I can make a firm basisfor thinking this severe problem. ... Read more

Book Description

The Skill-Based Pay Design Manual is an invaluable resource for designing and implementing a system of compensation that ties base pay to employee knowledge and skill rather than to a position or job content.

Internationally recognized authors and consultants Joseph and Jimmie Boyett bring over twenty years of experience in helping companies implement skill-based pay and employee performance incentive programs.

The Skill-Based Pay Design Manual is a complete step-by-step guide for designing and implementing skill-based pay. In addition to a comprehensive overview of skill-based pay and its impact on company operating and financial performance, the Boyetts provide the following:

• The advantages and disadvantages of skill-based pay;
• A comparison of skill-based pay vs. job-based pay;
• How to determine if skill-based pay is right for your organization;
• 12 keys to success;
• 14 case studies of companies using skill-based pay.

Step-by-step instruction in how to...

• Design the skill-based pay plan;
• Identify skill sets;
• Link skills to pay progression;
• Implement and evaluate the skill- based pay program; and
• Gain employee and union support for skill-based pay.

The Skill-Based Pay Design Manual is an insightful, informative and essential resource based upon solid research and the personal experiences of the authors.

Book Description

Defense of the franc Poincarédominated French economic policy during the Depression. While most countries took their currencies off gold to permit a wider range of domestic policies to foster recovery, in France policy makers resolved to preserve the gold parity of the franc by balancing the budget and lowering domestic prices. Novelty and experimentation were rejected in the conviction that a durable recovery was possible only through a return to strict neoclassical orthodoxy. Managing the franc Poincaréexamines French monetary management from 1928 to 1936 in order to explain this stubborn determination to achieve recovery through deflation despite evidence of its failures abroad. Through evaluation of French understanding of the Depression, French economic diplomacy in an era of economic nationalism, the evolving roles of the French treasury and the Bank of France in monetary management and policy determination, and attention to the fractious politics of the Third Republic, French monetary policy is set within its ideological, institutional and political contexts. ... Read more

Book Description

Find out how the world's best money launderers evade sohisticated high-tech detection measures and move money freely in the electronic age. Also find out the latest international law enforcement countermeasures for stopping this illegal flow of money. A must for cops, lawyers, PIs and others. ... Read more

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 indicatorsThis 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. ... Read more

Reviews (24)

Technical Analysis Applications in the Global Currency Marke
Coming from equity trading, I found Luca's book on technical analysis to be a vital tool for my understanding the FX markets. While I'll be focusing more on currencies, I still have a stock portfolio which I will maintain based on Luca's analysis! I wish I had read this book earlier!
The book provides everything for everybody. In my case, I had a spotty understanding of technical analysis that I had beleved it was perfect. Only after studying this book in detail I realized how flawed my approach used to be. I am now confident not only of my command of the charting tools, but of making investment decisions.

Technical Analysis Applications in the Global Currency Marke
Unlike other technicians, Luca doesn't clobber the reader with certain pet indicators such as momentum or MACD. He doesn't push certain studies such as Elliott Wave, which might be difficult for a beginner.

What he does is present all the tools technicians might employ in their work and emphasize their pros and cons. In fact, in the last chapter Luca even advises NOT to attempt using all studies but select those that are best suited for each individual.

Technical analysis applies pretty equally across the board, but I found it really useful to see it so clearly applied to currencies. I can't really relate well with a chart of IBM for example when my interest lies really with the euro. I also found very useful to see the long-term charts of the major and thus get a clear perspective of the movement. Some politicians complain these days that the yen is weak at 130 to the dollar, but I can see on the charts in the book that there were more than 200 yen to the dollar in the 80s and 80 yen to the dollar in the mid 90s. Perspective helps.

I also like to see clear parts of the book dealing extensively with candlesticks or point-and-figure charts, for example. I had had trouble dealing with point-and-figure charts before but Luca made it clear how they work and how they can help you. I like the easy to follow structure of the book. Whether you are a beginner (like myself) or more advanced, you can find this book of interest. Just select your area of interest. I selected the entire book.

Not any help at all...
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
This is a very good book. If you want to start trading currency online (like me) you must read this book first.

excellent value!!
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. ... Read more

Reviews (1)

Money and Capital Markets : The Financial System in an Incre
This book has impressed me greatly. I think it can be a bestseller for most of specialist in finance. ... Read more

Book Description

Attract what you need, when you need it, with this guide to attracting abundance for the highest good. Includes exercises and visualizations. ... Read more

Reviews (3)

A practical, concise, and invaluable guide to money
Money Magnetism is one of the best guides to attracting what you need when you need it that I have ever read. Although there are many thousands of books that discuss the techniques and theories for picking stocks, buying insurance, or building your career, there are very few that actually discuss--or even understand--the more subtle energetic and spiritual principles behind finding true wealth. But it is these underlying principles, of course, that form the true basis of all success. Money Magnetism explains these principles and gives simple, easy-to-follow techniques to magnetise the resources you need to lead a rich and fulfilling life. Even if you think you are looking for a book on hard-core financial management--buy this book, too. Understanding these principles will help you to more wisely and efficiently implement whatever investment or career strategy you choose. An amazing value for only 7.95!

How to put in practice the spiritual principles of abundance
An enjoyable read. I found this book to reveal the simplicity of the laws of attraction and abundance. Life doesn't have to be complicated with regard to being happy, it's generaly our perception of events. I liked his reflection that we are all part of a greater, intelligent reality. Also, the methods of concentration and affirmation are very "doable" for anyone.

Phamphlet's worth of information in a book
There's one way of attracting money that Donald Walters leaves out: write a little pamphlet, then lay out each page in large font and surround it with lots of white space. This way, only a few paragraphs make an entire page, and you can call your pamphlet a book and charge a lot more! For the perfect example of this, see this book. ... Read more

Book Description

A fascinating but often overlooked topic is the establishment of currency in a new nation. The process involves not only a host of unknown and complicated political factors, but also economics and the culture of the new nation.

IN A HISTORY OF AMERICAN CURRENCY, Yale Professor William G. Sumner examines the development of the monetary system in the United States, from the colonial era through the Civil War. He noted that the earliest British settlers brought with them virtually no money; the English government wouldn't allow it, and the Puritans had little or no use for it. Gradually, the settlers traded wampumpeag with their Native American neighbors, and eventually currency was developed to pay soldiers, finance expeditions, and trade with other nations. Sumner also covers the English Bank Restriction of 1797, the Bullion Report of 1810, and the development of Austrian paper money. ... Read more

Book Description

In this volume, now available in paperback, Paul Davidson investigates why the 1990s was a decade of financial crises that almost precipitated a global market crash. He explores the reasons why the global economy still struggles with the aftermath of these crises and discusses the possibility that volatile financial markets in the future will have real impacts on whole industries and national economic systems.

The author highlights the central role that domestic and international financial markets play in determining the economic growth rate, unemployment rate and international payments position of capitalist economies. He explains why the primary function of financial markets is to create liquidity and demonstrates that a liquid market cannot be efficient, and an efficient market cannot be liquid. He also proves that preventing liquidity problems from developing in national and international financial markets is the key element in fostering prosperity. Statistical evidence and theoretical analysis are combined to demonstrate why orthodox prescriptions for ‘liberalizing’ labor, product, and capital markets are the wrong policies for promoting a civilized society in the 21st century. ... Read more

Reviews (1)

Why the 1990s experienced a series of financial crises
Financial Markets, Money, And The Real World by Paul Davidson (Editor of the "Journal of Post Keynesian Economics" and Professor Emeritus, University of Tennessee, Knoxville) is an informed and informative study of why the 1990s experienced a series of financial crises with terrible repercussions that reverberated throughout the global market. Focusing on the central role that domestic and international financial markets play in affecting the economic growth rate, and offering prescriptions to improve worldwide economic viability in the 21st century, Financial Markets, Money, And The Real World is a highly practical, forward thinking, and strongly recommended reading for students of Economics in general, and the interactive, interdependent global financial markets in particular. ... Read more

Amazon.com

Money in an Unequal World is a distinctly individualized exploration of the way currency has become a universal source of "social memory," and what this means in a global society now riding the latest wave of its transformation from "metallic objects to paper notes to electronic digits." Keith Hart, a teacher and social anthropologist, offers draws on a background that combines such eclectic pursuits as academics, entrepreneurship, and gambling. Also drawing upon philosophers of the "democratic revolution" like Locke, Kant, Marx, and Gandhi, he tackles this abstract tale by examining "the conjuncture of money and machines that makes our phase of economic history capitalist" and investigating "money and markets from a humanistic point of view." Inviting readers to discover the story in their own way--even recommending that one "dip into the argument at random, allowing your eye to rest where it finds fertile ground (and move on if it does not)"--Hart meanders in a basically linear and highly entertaining fashion from the struggle against the agrarian hierarchy to the collapse of Stalinism and the rise of the Web. Ultimately, he concludes that changes apparent today actually provide an unprecedented opportunity to improve the world using money and markets as instruments of "economic democracy." His argument is provocative and illuminating. --Howard Rothman ... Read more

Reviews (3)

What is money? Do *you* know?
Money In An Unequal World is one of those key-stone books that should (must) be read by those who think they know about economy, and by those who believe that knowing about economy's single most important tool -money- is unnecessary. Keith Hart goes beyond a simple analysis of what money is. He places money in a context, in the past and the present, as well as in the future. If we are puzzled by what's happening with the stock market, or with the 'unprecedented' economic collapse of countries such as Argentina, wondering how it is possible that within a week three million middle-class citizens suddenly became the New Poor of our era (with no fault of their own ... except perhaps trust in a system -the banking system- that makes us believe 'our' money is in good hands), we'll gain some insight from reading Hart's book and perhaps make some urgent decisions of our own. We'll find out that 'our' money isn't ours, that our choice to work isn't really a choice, because we're pressured to earn 'their' money for it's the only money available and it has very definite rules ... which most of us happen to ignore, and side-effects ... which most of us prefer not to admit are there.
Money In An Unequal World will pull the veil off of money. Are we depressed because we lack enough to fulfill our dreams ... or even our most basic survival needs? Well, one of the characteristics of 'their' money is that it's scarce. If it's scarce, there won't be enough, and if there isn't enough and the value can be made to drop or rise without our consent or even understanding of why this happens, then of course we'll see that suddenly, no matter how much we work, a decision made by 'them' will make it possible for our savings to drop in value by fifty percent, a hundred percent, or three hundred percent, as in Argentina, or five-hundred percent, as it occurred in Ecuador during 1999. Is it fair? Who makes the rules? Why aren't we asked if this is right? The answer is simple: because we are, among 99 percent of the world's population (including most economists), unaware that money is one of the prime reasons why we live in an unequal world. As Keith Hart himself writes: "For all the rhetoric of freedom that abounds in our societies, state capitalism is based on legal and economic coercion, on the ancient principle of territorial monopoly and on the newer one of having to sell oneself in order to live. State power looks as if it is on the wane; and, while the world's money system totters from one crisis to the next, the concentration of economic power in the hands of a few large corporations seems inexorable. This is our chance to find new forms of political association, more appropriate to popular needs, and perhaps even to subvert the dominance of a capitalism enjoying the fruits of globalization."
Not that Hart is against capitalism as such, but since certain expression end up meaning something much different than at first, he would prefer that we enter an era of "economic democracy" in which we also have a vote as to the kind of money we are "allowed" to use. But before we can vote, it might be a good idea to read his Money... in order to understand what choices we have. Hart writes: "The immediate and long-run causes of economic inequality, therefore, are an unfair and unstable system of money-making (...)" among others, and "Virtual capitalism has exacerbated this by marginalizing whole sectors of the world economy where agriculture and mining are predominant, as well as by unleashing savage swings in the money system that can impoverish national economies at a single blow." As in Argentina?
As it's happening or could happen in most of the world ... ?

Brilliant
Marx and Engels figured out capitalism. This guy has figured out money.

Academic treatise that covers the topic
Dr. Keith Hart is a distinguished social anthropologist, widely published author, and scholar who has taught on both sides of the Atlantic. He is currently a professor and Senior Research Fellow at the University of Aberdeen, Scotland. He has served on the faculties of Cambridge, Yale, University of Manchester, University of Chicago, University of Michigan, and McGill University.

This background should tell you something already about the author's perspective and what this book will be like. "Money in an Unequal World" is a deep academic treatment of the role of money in society. For those engaged in the study of this topic, this book offers a revolutionary way of rethinking money and society. Hart addresses how internet access separates societies by controlling their access to money and commerce. He shows how money that transfers outside national controls-and taxes-gives some the distinct advantage of being able to use "wild money." Virtual capitalism will change the money balance in the world.

You will find a tremendous amount of information and commentary packed into this book. Expect to encounter page after page of small print text without illustrations. There are nine tables and figures in the entire book. For the serious reader on this topic, this is a page-turner. For the occasional reader in this field, this will feel like a highly focused textbook. In the introduction, Hart describes the book as being written from memory, but each chapter is backed-up by an abundance of footnotes. Fortunately, the book is indexed to help readers find particular areas of interest.

While we can certainly appreciate Dr. Hart writing such a book from his ivory-tower perspective and manner, there are some really interesting aspects of this topic of value to the lay reader. Unfortunately, the design and languaging of the book does not appeal to that market.

If this topic interests you, I recommend this book. If it does not hold high academic interest, move on to another book on the topic. You'll get bogged down in this one. ... Read more

Book Description

Money Thematic Unit is based on the following pieces of literature: The Kid's Guide to Money, The Go-Around Dollar. This reproducible resource is filled with ready-to-use lessons and cross-curricular activities. Also included are management ideas, creative suggestions for the classroom, and a bibliography. ... Read more

Book Description

Imagine a world in which: you make all of your purchases without ever handling currency - bills or coins - or even writing checks; most money is issued privately and digitally, rather than by governments; inflation is largely a relic of the past; you choose which transactions you wish to be on record and which you wish to be anonymous.This world is not science fiction, but the world that increasing numbers of people will come to enjoy over the next couple of decades, according to the new book, The end of Money, by Discovery Institute Senior Fellow Richard W. Rahn.

Technology has fast outpaced governments' ability to maintain control of electronic finance.Advances in fiberoptics, encryption, and smart-card technologies make it ever easier to transfer funds from one person to another anywhere around the globe almost instantaneously, and without the use of paper and coins. Global financial networks and systems allow any asset whose value is recognized and guaranteed by a reliable financial institution to be instantly transferred from one person to another.

Private institutions are already developing "digital dollars" that will someday reduce transaction costs and monetary instability, thus leading to grater economic efficiency and higher standards of living.Unfortunately, this new world f digital money is fiercely resisted by many government officials.The full benefits of digital money will not be realized unless people are left free to move their financial assets around the globe in a private fashion. ... Read more

Reviews (12)

Who will win - Government, Technology or the People?
This is a must read book for all those people trying to understand how the internet and the digital revolution will change their lives. It will bring fear to politicians and civil servants who love big Government. It describes how the internet will provide the ordinary citizen with the ability to avoid and evade excessive taxation whilst at the same time being better informed to manage his or her life without Government interference. If you are a knowledge worker, and in Rahn's digital world of tomorrow, we will virtually all be knowledge workers then you have everything to gain from the information in this book. Its comparison of two Governments, one that is minimalist and understanding of the digital age as opposed to one that is maximist and lacking in basic comprehension of the digital revolution, is timely in terms of describing the digital battleground of the next millenium. This book is a must read, it provides a real vision of where the digital future is taking us.

Serious & interestinganalysis of money and financial freedom
This book examines in depth and with clarity the implications of the electronic revolution on the institution of money. It shows how the electronic revolution is likely to make governmental attempts to monitor financial transactions less and less successful. It shows the tax system will have to adjust to compensate for the new electronic reality or tax evasion will be rampant. It also makes the case that greater financial privacy and a more limited government will bring greater happiness.

The book explains the latest in encryption technology in plain English and looks at other technological innovations such as smartcards. The book is a fine book and should be read by anyone with an interest in the areas of monetary policy, taxes or finance. This book expresses a unique and compelling vision of what our financial futures will look like. The quibbles that I have with the book are fairly technical. While I agree with the author that the advent of strong encryption technology and other financial innovations will in time make it very hard for governments to tax financial transactions, I think he does not sufficient emphasis the fact that if government simply shifts its tax burden onto physical capital, it will affect the rate of return on the financial assets that represent legal claims on the physical assets. This book is unique and powerful and right. It makes arguments that desparately need to be heard if we are to make the right choices in the years to come

This is the route to FREEDOM
OK, so you have your guns, you've studied the law and you've got your gold and 10 years of food stashed.

Guess what?

It's not necessary. Not now. Not anymore.

No violence, no protests, no writing your congressman.

This is a revolution that is happening one person at a time, anonymously, securely, privately and instantaneously. Each individual voluntarily removes his energy from the system that is enslaving him.

The government will simply lose revenue until it can only function within its justified duties, which is the protection of the property and lives of its citizens.

This book shows the convergence of multiple truly revolutionary technologies that will give us back our freedom and force government to adjust to this new world. This is the way we will return to true freedom.

Bold and Intriguing Forecasts
Rahn has made a bold attempt to predict the impact of technological and financial innovations on the economy and society in general. The technological developments are the Internet, electronic money, and freely available cryptographic software of a very high standard, specifically PGP. Other commentators have also speculated on the problems these with cause to governments in raising taxes, fighting money laundering etc. However Rahn takes into account not just technological developments but also an innovation of a purely financial nature, namely securitization.

In principle, almost any kind of asset can be turned into money by securitization. Probably the most highly publicised example is "Bowie bonds" which are backed by royalties from songs. David Bowie was the first to raise money in this way, hence the name.

Throughout history governments have yielded to the temptation to allow their currencies to be debased. In the past most people had to put up with this but Rahn suggests that the technological and financial innovation will effectively give people other choices.

Rahn concentrates on the US in his book, which is natural enough - after all as well as being his own country it is the world's most influential! However he does make many references to Switzerland, particularly in connection with that nation's long experience of bank secrecy, and is also very critical of the tendency of many Americans to think that what is illegal in the US should be illegal everywhere and conversely that what is legal there should be legal everywhere. He points out that the American legal system imposes a big burden on American business and society and that other countries should be suspicious of attempts to export US law.

One of my major quibbles is that the title is a bit misleading since what Rahn is describing is not really the "end of money" but its transformation and the end of coins and banknotes. Even that is questionable since the developments he foresees are most relevant to the comfortably off. In many countries the poor will remain a large section of the population for many years to come and I expect many of them will want to continue using hard cash.

However this is a thought-provoking an fascinating book which should help us to anticipate the problems and the opportunities changes in the form of money pose for society.

advanced economics for the pro & the simpleton like me
Dr. Rahn explains advanced concepts of economics in a format that the beginner and simpleton, like me, can understand and use. It is an easy four hour read, is a primer in economics and is must reading for anyone who thinks the way of spending money will continue just like it is at this time. The big question is whether government will grow up in time not to get in the way of the monetary changes and whether you and I will be able to spend our money as we wish without Big Brother's nosing in. What Dr. Rahn fails to point out is that the concepts expressed in his book are basic to our constitution and to our freedom. If we do not take heed, we stand to lose both. It is must reading for every citizen. ... Read more

Book Description

The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as "permanent machinery" to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. Restructuring Sovereign Debt explains why ad hoc machinery would function more effectively in the Bretton Woods system.

By describing in detail the origins and operations of the London Club and Paris Club, Lex Rieffel highlights the pragmatism and flexibility associated with ad hoc approaches. He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted. Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed exposition of this important policy issue.

Rieffel’s book is an important tool for policymakers and the public, particularly as the global community seeks to resolve the debt problems of countries as diverse as Argentina, Iraq, and Côte d’Ivoire. ... Read more

Book Description

A scathing dissection of the wheeling and dealing in the world's greatest financial center. Spot rates, zero coupons, blue chips, futures, options on futures, indexes, options on indexes. The vocabulary of a financial market can seem arcane, even impenetrable. Yet despite its opacity, financial news and comment is ubiquitous. Major national newspapers devote pages of newsprint to the financial sector and television news invariably features a visit to the market for the latest prices. Does this prodigious flow of information have significance for anyone except the tiny percentage of people who have significant holdings of stocks or bonds? And if it does, can non-specialists ever hope to understand what the markets are up to? To these questions Wall Street answers an emphatic yes. Its author Doug Henwood is a notorious scourge of the stock exchange in the pages of his acerbic publication Left Business Observer. The Newsletter has received wide acclamation from J.K. Galbraith, among others, and occasional less favorable comment. Norman Pearlstine, then executive editor of the Wall Street Journal, lamented, `You are scum ... it's tragic that you exist.' With compelling clarity, Henwood dissects the world's greatest financial center, laying open the intricacies of how, and for whom, the market works. The Wall Street which emerges is not a pretty sight. Hidden from public view, the markets are poorly regulated, badly managed, chronically myopic and often corrupt. And though, as Henwood reveals, their activity contributes almost nothing to the real economy where goods are made and jobs created, they nevertheless wield enormous power. With over a trillion dollars a day crossing the wires between the world's banks, Wall Street and its sister financial centers don't just influence government, effectively they are the government. ... Read more

Reviews (18)

Illuminating
Critics of America's financial system (capitalism) have pointed to economic deficiencies such as recessions, depressions, unemployment (and underemployment) and so forth as cracks in the system, and with a lot of these cracks popping up recently I've become more interested in the financial system and what's wrong with it. Doug Henwood's book "Wall Street" is very helpful in that respect. We also see a picture of economic history that for some reason we don't see in the news much: over the past thirty years, hours worked have increased, productivity has increased enormously, wealth for the rich has increased enormously but household debt has exploded as hourly wages (inflation-adjusted) have fallen. This is a very interesting trend which I didn't even know about until I read Henwood's book. I guess I'd heard people mention it in passing, but until he lays out the data, where it came from (BLS, Federal Reserve, NBER etc.), puts it on charts etc. it doesn't really hit you as being real as opposed to rhetoric.

Economic books can be dry reading, thus Henwood's wit helps make the reading more enjoyable. Henwood's sympathies also seem to lay with working class people over the rich who the financial markets usually serve, which makes reading easier as well as I don't have to read every passage critically wondering if he is trying to BS me into believing something that's against my interest to believe. This book got me interested in Henwood's other ventures - his newsletter, magazine, radio show, web site, mailing list etc. and they are all interesting as well. I hope every American reads this so they can understand better how this economic system works - after all, the fact that you spend most of your time in life working in order to get money means that *understanding* how money works is one of the more important things in life, right?

Needs an Editor
Journalist Doug Henwood has produced an interesting book on U.S. financial markets. Written from a left-wing point of view, Henwood contends that these markets do not raise capital for new investments or improve corporate governance. Instead, he argues that their primary function is to enable manic corporate restructurings that accomplish little besides shifting additional wealth to rentiers who already have plenty of it. Henwood relies mainly on the research of others.

The good news about "Wall Street" is that Henwood is witty and iconoclastic. The bad news is that having these traits doesn't mean that he can put together a good book. His bloated and repetitive text mixes statistics, polemics, anecdotes, biz school research, and potted discussions of Keynes, Marx and Minsky (and Freud!). The mish-mash of data definitely informs and entertains the reader (hence my rating of 4 stars) but never systematically establishes Henwood's core thesis about the parasitism of Wall Street. The book is worth reading but mainly for readers with a background in finance or economics who can separate the wheat from the chaff.

The Truth
First a word about the publishing house: Verso Publishing is probably the finest publishing house in the world. When in a bind simply pick up any one of their titles and one cannot go wrong. It's imperative to read at least a few of their books at least once.

Henwood's "Wall Street" blows the lid off high finance like few other works. It's the definitive critical analysis (along with some of William Greider's books) of the high circles of wealthy investors.

Throughout "Wall Street" it rips apart the Federal Reserve Board and exposes its gritty innards. Henwood demonstrates that the Fed is an undemocratic institution that's obsessed with any hints of labor militancy, its biggest fear being wage inflation.

The Monetary School is also dissected by Henwood, being exposed as the fraudulent theory it truly is (or clever ruling class idealogy). He points out that the Monetarist's ostensibly blamed the federal government for the Great Depression. Of course this has the fascinating effect of letting capitalism completely off the hook. The concepts of over productivity and income polarization, which were the defining characteristics of the 1920s, are rarely to be found in their school of thought.

Constant pressure by Wall Street for ever higher stock prices is what spurred most of the downsizing during the last decade according to Henwood. He smartly points out that this pressure for quick profit growth can often squelch research and development and investment projects which would benefit society. Because shareholders may very well deem these projects irrelevant to short-term profit growth.

Underlying "Wall Street" throughout Henwood continually pays homage to Karl Marx and some of his incredibly accurate predictions. He also demolishes old shibboleths such as the well worn canard that higher wages automatically translate into reduced employment opportunities, or that rising stock prices always mean a rosy economic picture for the general population. "Wall Street" proves that rising stock prices can often coincide with a poor economy for the masses.

Henwood documents the fraudulent work done by professional money managers who'd be better off throwing darts at a dart board than using their investment "skills" when making investment decisions for clients.

Some of the most important and informative sections deal with the rising consumer debt of the average American citizen. Being leveraged to the hilt, the family unit has basically been turned into a player in a giant Ponzi scheme. Capitalism in the United States desperately relies on credit-financed consumption to stay afloat.

Most books dealing with such an overarching topic give a paltry and dissatisfying "What is to be Done" final chapter. This isn't the case for "Wall Street." Henwood offers up many concrete and plausible solutions. Finally at one point asserting that an authentic financial transformation must be made along with an attack on capitalist social power in general.

An informed view of Wall Street from a leftist perspective
I have worked on Wall Street and I have to say this gives a pretty decent macroeconomic view of Wall Street. He explains stocks, bonds, derivatives, currencies, the Federal Reserve, Bretton Woods, the (in)efficiency of markets and many other topics. He then interprets what these things mean from a leftist perspective. The financial world is heavily right wing and accuses the left wing of not understanding how economics work and thus why the right wing is right about economics. This book will demystify acronyms like LIBOR, GDP and CAPM, and explain to you in Wall Street terminology how the rich are robbing the working class in this country (and the world) blind. Henwood's book, like Marx's Capital, is at heart an economic treatise with political ideas sandwiched in between the economic data and analysis. I said at the beginning I have worked on Wall Street and that is the truth - once you see the machine up close, or even become a cog in the machine, you realize how right people like Mr. Henwood really are.

A must-read book on finance!
Toward the end of the second Big Bull market of the 20th century U.S. (the first was in the 1920s), it's refreshing to read a book whose author doesn't fall for the hype. Henwood's critical analysis is extremely illuminating even to those who disagree with his political perspective (which is unfashionable left-of-center). His prose is as clear as can be. His focus is all-important: what is the impact of Wall Street's prosperity on the rest of us? ... Read more