by Craig Karmin
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Product Description
Will the sun set on the greatest currency in the history of the world?
For decades the dollar has been the undisputed champ. It’s not only the currency of America but much of the world as well, the fuel of global prosperity. As the superengine of the world’s only superpower, it’s accepted everywhere. When an Asian company trades with South America, those transactions are done in dollars, the currency of international business.
But for how much longer? Economists fear America is digging a hole with an economy based on massive borrowing and huge deficits that cloud the dollar’s future. Will the buck be eclipsed by the euro or even China’s renminbi? Should Americans worry when the value of the mighty U.S. dollar sinks to par with the Canadian “loonie”?
Craig Karmin’s in-depth “biography” of the dollar explores these issues. It also examines the green-back’s history, allure, and unique role as a catalyst for globalization, and how the American buck became so almighty that $ became perhaps the most powerful symbol on earth.
Biography of the Dollar explores every aspect of its subject: the power of the Federal Reserve, the inner sanctums of foreign central banks that stockpile the currency, and the little-known circles of foreign exchange traders that determine a currency’s worth. It traces the dollar’s ascendancy, including one incredibly important duck-hunting trip and the world-changing Bretton Woods Conference.
With its watermark, color-shifting inks, and a presidential portrait that glows under ultraviolet light, the dollar has obsessed foreign governments, some of which have tried to counterfeit it. Even Saddam Hussein, who insisted on being paid in euros for oil, had $750,000 in hundred-dollar bills when captured. Yet if a worldwide currency has enabled a global economy to flourish, it’s also allowed the United States to owe unbelievable, shocking amounts of money—paying $1 million for every man, woman, and child every single day just in interest on foreign debt; that’s raised concerns that the dollar standard may not be sustainable.
Any threat to the dollar’s privileged status would do much more than hurt American pride. It would mean U.S. companies and citizens would not be able to borrow at the low rates they have become accustomed to. The dollar’s demise would impact the rest of the world, too, boosting the costs of trade and investment if no other currency was able to play the same crucial role. Ultimately the dollar system may weaken, but it should endure—a while longer, at least; it’s in few people’s interest to see it fail, and there is still no credible alternative.
Biography of the Dollar is must reading for anyone who wants to understand what truly makes the world go ’round—and whether it will continue to spin the way we want it to.
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Average Customer Review:
0 of 1 people found the following review helpful:
 Tell Tale of the Taler, 2008-05-31
One interesting bit of information I had found during my searches in the Internet about money was how Iraq in the year 2000 had changed the denomination with which it traded oil: from the U.S. dollar to the euro. At that point in history, I wondered if Iraq's leadership had sealed its fate long before 9/11 attacks happened. Alan Greenspan, in his recent autobiography, concedes the cause of the Iraq war is really oil, most of which is traded using the dollar. Craig Karmin, in his book, "Biography Of The Dollar" confirms Iraq's fateful decision, but makes little mention of the Iraq war and its causes. He does, however, strongly suggest how the most important events in the world can be traced back to the movers and the movement of currency, the dollar in particular.
Currency Exchange is a lot like fishing in a three-trillion-dollar pond...in a single day, writes Karmin. He takes us through one day in the life of Jeff Weiser, whose life is money; not as a means but an end: trading it day and night. Karmin then takes us through the 128 years old hallow halls of the Bureau of Engraving and Printing, where money is made. This is one place where garbage is not rolled down to the roadside to be picked up by Waste Management. That garbage is BEP's weakest point: Money that wasn't deemed "perfect" and therefore has to be discarded. Somebody has to destroy that imperfect money, yet "how can you tell if something is destroyed?" asks an official of the BEP. Numerous people who worked for the BEP had abused their position. Some had used money that had neither the serial number nor the Federal Reserve seal on it. Others were more insidious. Karmin writes about several such stories in detail in fast read. He also discusses the way countries use counterfeit as a strategic ploy to attack other countries. For this reason, by virtue of the sophistication and technology that is in the dollar, one holds a Fort Knox in his palm.
0 of 0 people found the following review helpful:
interesting read, 2008-05-02
This book is very entertaining and informative, even if (or perhaps, because) it doesn't go into the finer details. Many of us took for granted the power of the 'buck' around the world, but now that it's in decline, we're starting to notice ! The book gives some insight into how the dollar achieved it's unique status as the currency of international trade, how the relative value of the dollar affects other countries, and vice-versa.
The book is also thought-provoking, and I'm now thinking about different ways to protect and grow my retirement savings. A worthwhile read.
0 of 0 people found the following review helpful:
Good book; quick read; a bit repetitive, 2008-04-19
I think that I've probably indicated my impression of the book in my review title.
If you still think that the dollar will remain mighty forever, and will be the world's reserve currency forever -- then read this book.
If you still don't appreciate what "get out of jail free" cards we (as Americans) have received as a side effect of the dollar's global use -- then read this book.
Be prepared for some repetition; it could have used a more aggressive editor.
0 of 0 people found the following review helpful:
Biography of the Dollar, 2008-04-18
I found this book to be very informative, especially since I have had no background in the currancy markets. I had no idea of the power of foreign reserves based upon the amount of dollars they hold in their central banks, and what the possible outcomes could be just based upon officials discussing the potential of diversifying away from the dollar.
A great starter book for anyone wishing to get an overall sense of the currency market and its size and power.
An easy read that teaches you something about your country you may not know.
10 of 16 people found the following review helpful:
 Mediocre, 2008-04-16
I bought this book following Amazon's recommendation, which recommended me serveral decent books in the past. This book just doesn't cut it. Here is a chapter by chapter description:
Chapter 1. The author spends three pages talking about how *rich* John Taylor, the founder of a currency fund, is. Utterly boring and totally irrelevant. Then he proceeds to dicuss many other funds, boring... nothing specifically about the operations, just in general the funds. Then he jumps back for another 20 pages of sales job for Mr. Taylor. I can't help wondering if Mr. Taylor is a patron who made publishing such a mediocre book possible.
Chapter 2. How $ dollars are printed. Yes, literally printed. Not circulating currency volume in economic sense. I couldn't care less.
Chapter 3. Gold standard, Nixon, Bretton Woods. If you know a bit monetary history, that's all this chapter is about.
Chatper 4. Some foreign countries (Ecuador for one) use USD directly (therefore a dollar colony). And... mmmh... that's it.
Chapter 5. Some foreign countries buy dollars as foreign currency reserve (duh)
Chapter 6. Americans are spending too much. Now it's not clear if dollar will enjoy the same status in the future.
Overall, it's a poorly written book. Not insightful, nor well written. Reading the book is like listening to a monotonic description of how to operate a refrigerator.
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