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In the tradition of Bankruptcy 1995, the executive editor of the Harvard Business Review demystifies the arcane world of international currency trading and shows how this 24-hour-a-day global electronic bazaar wreaks havoc on the American economy.
- Sales Rank: #548398 in Books
- Published on: 1994-04
- Original language: English
- Number of items: 1
- Dimensions: 8.25" h x 5.75" w x .75" l,
- Binding: Paperback
- 256 pages
Most helpful customer reviews
10 of 10 people found the following review helpful.
A wonderful explanation of the new, computerized financial system
By D. Bates
This book was written 11 years ago, so some of its information is dated, but its basic premise has only become stronger: that the nature of money has changed from a tangible medium of exchange (i.e., cash) into a complex and chaotic system of computerized balance sheets and numerical flows.
The Federal Reserve estimates today that the entire worldwide supply of US money is currently about 10 trillion dollars ($10,000,000,000,000). This includes cash, savings accounts, checking accounts, money market funds, and other kinds of bank deposits.
But only 700 billion (or 7%) of these dollars are paper cash dollars circulating outside of bank vaults, of the sort you can carry in your wallet. If everybody wanted to cash out their bank accounts at the same time, there simply wouldn't be enough paper dollars to go around. Banks would have to close temporarily while the Federal Reserve printed more cash. I don't know how long it would take to print 9 trillion more paper dollars ... let's see, the Bureau of Engraving and Printing typically prints $40 billion per year, so at current production levels it would take over 200 years to print all the cash required if everybody demanded all their cash at the same time.
The kind of money you can hold in your hand is pretty much obsolete.
Unless you are a drug dealer, you probably pay for most of your purchases with checks, credit cards, or debit cards. You might also pay for some of your purchases via automatic deductions or e-banking. This book vividly explains the complex, evolving, and essentially uncontrollable system underlying these non-cash forms of payment.
3 of 3 people found the following review helpful.
Nothing in economics happens randomly
By Golden Lion
1.Computer nerds and mathematicians see Wall Street as a mathematical puzzle to find new ways of managing risk. The financial products that move markets and make big money are becoming more abstract. The managers of the new product abstract response to news and are quick to change.
2. A trading option is called a derivative. An option is derived from a stock; the option is the right to purchase a specific stock or stock group, currency, or bond for a predetermined price, sometime in the future. Options have a value and can be traded for a price.
3. Options are traded on the futures market, stock market, special options market, and electronically between investors.
4. If you buy a call option, you have a right to buy a specific index, stock, currency, or bond at a prearranged price anytime before that option expires.
5. Put options are options to sell a stock or other product at some specified time in the future for a specified price. If you sell a put option, you either have to have the stock, index, or bond on hand, or be prepared to buy it and hand it over when the option is called.
6. Options are a type of futures contract. Options differ from futures because you are not obligated buy the underlying product. Suppose, you bought an option to purchase an S&P500 index for $380 between July5 and Jan5 and during this time the stock rises to 392.70 and you exercise the option. You take the profit of 12.70 less the cost of the option. Suppose the prices of the stock drops then you either try to sell your option to someone else before it expires, or you let the option expire and you loss the cost of the option.
7. According to Markowitz, the law of statistics dictates how much diversification is optimal. A portfolio of twenty stocks selected from different groups gives you about as much protection as is theoretically possible. The Markowitz model was able to quantify risk.
8. Beta 1.2 means for every 10 percent the market moves up or down, the stock has a risk of moving 12 percent in either direction. If a portfolio had a beta of 2, it was twice as risky as the market in general. The profolio would have to return twice the return of the market to justify the risk. Markowitz thought, a portfolio manager would continuously adjust his portfolio so that reward was commensurate with the risk. Picking stocks meant picking stock that conformed to certain mathematical rules.
9. The biggest users of quantifiable stock picking were state pensions funds, union pension funds, and insurance companies. These big funds control about 60 percent of the nation's stocks and bonds.
10. Stock pickers who patiently studied companies, visited sites, talked with managers, and cared about the companies health-were pitted against quants who were interested only in portfolio total return.
11. Quants had divorced his traditional role of bringing capital to a company in return for a share of the profits and a share of the company's net worth. Instead, it became the job of the investor to pile up overall returns.
12. Companies were forced to offer some sort of return that a money market fund might pay or risk having the price of their shares collapse. Collapsing share prices could result in a takeover. Companies became less concerned about how they created money, only that they created money. Selling off portions of the company, borrowing money in the capital markets and then paying it out to stockholders as dividends and using profits to buy back stock, as a practice to keep stock price high. The company matter less than its stock.
13. C=SN[D]-Xe^rtN[D-oVT] where S-the current price of the asset, N-probablity the term in bracket will be worth less than it ought to be, D-Term, X-Strike or exercise price of the option, r-the interest rate, o - asset volatility, T-time until the option expires.
14. Fedwire running IBM 370 is operated by the New York Fed, one of twelve regional Federal Reserve Banks. Fedwire processes on the average 150,000 transactions per minute. Citibank clears through Fedwire as much as $50 billion in checks in a single night.
15.The Fedwire system has ten thousand nodes-banks, savings and loans, credit unions, and other institutions that issue or receive deposits or checks. All the major banks in the US deal with the Fed through Fedwire. On the average $1 trillion pass through Fedwire as banks exchange checks and borrow from one another and from the Fed itself to cover their overnight shortfalls.
16. Through the Bank of New York the Fed buys and sells government bonds and nots settle accounts between banks and regulate the economy. When the Fed is buy notes, it is putting downward pressure on interest rates by adding money to the system. When the Fed is selling liquidity is being soaked up, interest rates rise, and the economy slows down.
17. Banks trade securities among themselves.
1 of 1 people found the following review helpful.
This book will wake you up to the new world of money and how it got to where it is today.
By Robert I. Muson
This book filled in all the "holes" in my education in the area of money and economics. It gives a detailed history of the evolution of money from the beginning days when money had it's own intrinsic value, thru the moment when Nixon took the dollar off the gold standard to the present where money now exists as an abstraction, just numbers on a computer screen backed by nothing. The author distinguishes between the real economy and the financial economy, and how the financial economy created an interest driven, electronic economy that is now completely out of touch with the real economy, having a life of its own with no regard for human beings or anything else other than numbers and the financial well being of the people who know how to manipulate those numbers. He points out the social implications and destabilizing effects of this new money system on individuals, families, businesses, countries and on the future of our species. What is now required is a new level of integrity and trust. The level of integrity that was sufficient to operate in in the real economy of yesterday, is no longer sufficient for relating to, and operating within, the interest driven, electronic economy that is backed by agreement and trust alone. What I got out of reading this book is that money is no longer what I thought it was. I relate the new economy of money to driving a car. When we all got our driver's license, we agreed (in the US) to drive on the right side of the road. For the most part (with the exception of drunkenness etc) we all keep that agreement. Keeping that agreement creates a condition of workability. It allows for a consistent flow of traffic so that each of us can successfully reach our destination. We also trust that other drivers will keep their agreements about driving on the right side of the road, that "red" means stop and "green" means go etc etc. Driving is a system based on agreements and trust. Included in this system are strong consequences (laws) if people break their agreements. Driving on the left side of the road not only endangers lives, but also will lead to strict fines, loss of the privilege to drive and, perhaps jail time. This is a perfect analogy for the new economy. It is based solely on agreement and trust.
The author points out that what's missing are: 1. consequences (stricter laws) for people who violate that trust and who break their agreements, and, 2. people waking up to how the new non-money economy works.This book is that wake-up call
Although published in 1993, it is absolutely relevant today and into the future.
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