| The Money Bazaar : Inside the Trillion-Dollar World of Currency Trading |  | Author: Andrew Krieger
Publisher: Crown
Category: Book
List Price: $22.00
Buy New: $21.72
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Rating:  5 reviews
Sales Rank: 1017566
Media: Hardcover
Edition: 1st
Pages: 228
Number Of Items: 1
Shipping Weight (lbs): 0.9
Dimensions (in): 8.5 x 6 x 0.8
ISBN: 0812918614
Dewey Decimal Number: 332.45
EAN: 9780812918618
ASIN: 0812918614
Publication Date: March 3, 1992
Availability: Usually ships in 1-2 business days
Shipping: International shipping available
Condition: Book is brand new, and has never been opened. Thousands of satisfied customers!
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Product Description
A top currency trader introduces the circle of elite global business moguls who control and manipulate the values of world currencies and, consequently, the worth of every country's goods and services. 17,500 first printing. Tour.
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| Customer Reviews:
 Only the Technology used is dated December 2, 2008
Clyde Johnson (Brooklyn, New York United States)
The reviewers are right, the book is dated.... BUT ONLY THE TECHNOLOGY THAT KRIEGER USED. The art of trading, the meat and bones of it, will NEVER BE DATED. That is why with basically just a telephone I bet Krieger could trade rings around all of us. So stop looking at the date of publication and look at the information published in this book.
This guy made a lot of money because he kept long hours and worked hard, and this book can help us novice traders understand that.
Boom or Bust an indepth look at how the FX works. August 2, 2005
Golden Lion (North Ogden, Ut United States)
About the time of the Gulf War, International Markets had been hoping the U.S financial house would put their house in order. International Markets wanted more investing, savings and growth; instead, U.S markets became heavy in consumer debt. Interest, taxes, and inflation were at high levels. Foreign investment began seized up large chunks of real estate hoping for inflation too drive up price and increase their U.S equities. The 80s housing boom would be curtailed by rising interest rates but maintain a stead climb for the next 25 years. Real Estate would seem invincible until maximum debt levels could not be exceeded.
Corporate Investment enticed foreign investors to buy U.S companies based on location value and settling for lower levels of production. However, the corporation investors would not be expected to maintain this pattern. Investor would buy U.S companies and transfer labor forces overseas taking advantage of lower labor costs and high profit margins.
Deflation. What would happen, if the housing prices deflate? Cheap money would be repaid by expensive money and for this reason, it may be better to cut loses, and move the money into a foreign currency. Perhaps, the Germany currency would be the refuge to preserve value. Investors will be looking for currencies in countries where economic growth is high, inflation low, and real interest rates are high. Investors always have a safe habor to retreat too. Once the Foreign exchange starts moving in a particular way, it is unlikely to reverse, just like big ships turn slowly. The shifting of money between countries is linked to economic performance.
In 1984, the dollar reached new highs, many consider it overvalued, some were watching for a sell-off. Reagan stated, he would not intervene. The decline of the dollar was agreed upon in "The Plaza agreement", as follows, "further orderly appreciation of the main non-dollar currencies against the dollar is desireable." Between 1985-87 the dollar fell 50% meaning the buying power of the U.S citizen was cut in half.
Capital flows. There is only one hugh pot of international money. Capital flows shift assets from one country to another and these shifts affect the currency value or the exchange rate. Foreign exchange is needed for liquidity. Individual trader make and lose money from Foreign exchange transactions, however, corporations use the foreign exchange for liquidity. Corporations may be required to make purchases in dollars, so they exchange local currency for dollars.
Hedging allows the company to lock a certain exchange rate in the future for a fix amount of money. Banks offer these credit rate forwards to clients. Banks actively try to bet they can beat the averages extended for the credit forward rate. Banks do this by buying and selling currencies on the foreign exchange and profiting off a marginal spread.
In 1991, the U.S recession was ending, Europe economy was slowing down, the dollar was sharply rising, relative interest rates were thought to be shifting to the West, dollar dominated assets were becoming attractive, and capital began pouring in. U.S commodities prices, bonds, and securities were directly affected by foreign investment. This massive international pool of money flowed from one investment vehicle to another. Large blocks of commerical and private real estate where wholly or partially owned by the British, Dutch, Canadian, and Japanese countries. U.S manufacturing depending heavily on investment from overseas.
U.S imports are paid in dollars. When the foreign exchange rate favors imports (when their is a strong domestic currency), lower import costs will soon be pass along to the consumer, in terms of cheaper products. For example, an American importer buying Japanese goods must trade dollars for yen in order to pay for those goods. Likewise, a German buying American goods must sell deutsche marks and buy dollars in order to pay his invoice with U.S currency. When the exchange rate goes against a company, it must lower costs, lower its profit margin, and seek new avenues to export goods.
The foreign exchange market is a free market in the purest sense. It is not answerable to a higher authority; it is composed of 200,000 active traders; it has millions of global investors; it has no restrictions on this market; it has no international authority acting as a governing authority; it is consider one of the most stablizing factos in the world monetary system.
 Dated and not ability oriented June 3, 2005
Josh (US or EU)
2 out of 2 found this review helpful
I tend to overlook the age of books before purchasing them, and this is yet another one of those follies. Aside from that, this book is an interesting read, though more personalized and biographical. I would pick this book up if you want to maybe gleam some personal concepts and perceptions from an insider, but don't think it's going to help your trading or undestanding too much. There are much better books for that.
Interesting but dated October 23, 2003
Michael Bird (Yorba Linda, CA United States)
4 out of 4 found this review helpful
Krieger, I'm going to guess, didn't really know for sure what kind of book he wanted to write so he kind of included a bit of everything, but gave us not enough of anything.It would have been great if the book had been written in the same style that Jim Cramer's book revealing how he ran his hedge fund was written, lot's of action and description. Krieger includes some of this, like how he'd spend 18 to 20 hours a day in front of a computer and wonder about his life. But he just didn't get in depth enough. He covers a lot of history, but again, it was not enough if history was what you were looking for. In my case, it was a bit much, I really didn't need to hear so much about the specific names and dates, I wanted more of the individual trading side of his story, what he did and why. How it worked or didn't. Of course, this book is totally out of date. For that reason, it is actually even more interesting in a way, as the author has no idea how FX trading will advance. The book itself offers no specific strategies or advice on investing in the FX market, however, I guess that would make sense as when it was written, only pro's or people with a lot of cash could enter this market. If Krieger were to decide to write a modern work, covering the topic of trading "inside the trillion-dollar world of currency trading" as the cover states, it would be something I'd love to read. I can't recommend this work currently, without the caveat that the reader realize it's limited value as far as trading in today's market. The history, however, is interesting as is the limited view the author gives us as to his trading. Whether the price of the book is worth paying, I'd recommend it only to the reader that is sure of what they are getting.
Great overview! April 14, 2003
Super Trader
4 out of 4 found this review helpful
This is a great book. Mr.Krieger gives you the history of how foreign currency trading came about. He also provides you insight into how curreny trading work and more importantly how it fails.He doesn't give specific strategies on how to trade currencies, but he does introduce vocabulary and resources to help you get started. In that respect the book is out of date. There is no discussion on the internet and how that has changed the face of currency trading forever. This is a good book, a foreign exchange classic that wouldn't hurt any currency trader if he kept a copy on his shelf.
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