The extraordinary life story of the former chairman of the Federal Reserve, whose absolute integrity provides the inspiration we need as our constitutional system and political tradition are being tested to the breaking point.As chairman of the Federal Reserve (1979-1987), Paul Volcker slayed the inflation dragon that was consuming the American economy and restored the world's faith in central bankers. That extraordinary feat was just one pivotal episode in a decades-long career serving six presidents.Told with wit, humor, and down-to-earth erudition, the narrative of Volcker's career illuminates the changes that have taken place in American life, government, and the economy since World War II. He vibrantly illustrates the crises he managed alongside the world's leading politicians, central bankers, and financiers. Yet he first found his model for competent and ethical governance in his father, the town manager of Teaneck, NJ, who instilled Volcker's dedication to absolute integrity and his "three verities" of stable prices, sound finance, and good government.
Over the course of nearly half a century, five American presidents, and leaders around the world, have relied on the financial acumen, and the integrity, of Paul A. Volcker to help steer the global economy through turmoil and drastic change. From the collapse of the gold standard to the inflation crisis of the 1970s, Volcker demonstrated that a determined central banker can prevail over economic turmoil--so long as he can resist relentless political pressure. And as the U.S. struggled to recover from the meltdown of 2008, it called once more on the veteran banker to restore trust to the financial markets with the Volcker Rule. This award-winning biography is the definitive account of Paul Volcker's indispensable role in economic history.
An historical survey of the global monetary order--from the vantage point of the U.S. and Japan--discusses the Bretton Woods era of stable currencies, oil shocks, floating exchange rates, and the Latin American debt crisis. 50,000 first printing. Tour.
New chapter by Soros on the secrets to his success along with a new Preface and Introduction.New Foreword by renowned economist Paul Volcker"An extraordinary . . . inside look into the decision-making process of the most successful money manager of our time. Fantastic."—The Wall Street JournalGeorge Soros is unquestionably one of the most powerful and profitable investors in the world today. Dubbed by BusinessWeek as "the Man who Moves Markets," Soros made a fortune competing with the British pound and remains active today in the global financial community. Now, in this special edition of the classic investment book, The Alchemy of Finance, Soros presents a theoretical and practical account of current financial trends and a new paradigm by which to understand the financial market today. This edition's expanded and revised Introduction details Soros's innovative investment practices along with his views of the world and world order. He also describes a new paradigm for the "theory of reflexivity" which underlies his unique investment strategies. Filled with expert advice and valuable business lessons, The Alchemy of Finance reveals the timeless principles of an investing legend.This special edition will feature a new chapter by Soros on the secrets of his success and a new Foreword by the Honorable Paul Volcker, former Chairman of the Federal Reserve.George Soros (New York, NY) is President of Soros Fund Management and Chief Investment Advisor to Quantum Fund N.V., a $12 billion international investment fund. Besides his numerous ventures in finance, Soros is also extremely active in the worlds of education, culture, and economic aid and development through his Open Society Fund and the Soros Foundation.
As the Chairman of the Federal Reserve from 1979 to 1982, Paul Volcker established himself as one of the most influential economic thinkers. Currently a major advocate for corporate governance and accounting reforms, Volcker’s reputation as a great business leader with uncompromising ethics continues to this day. Written by award-winning New York Times journalist Joseph Treaster, Paul Volcker: The Making of a Financial Legend takes readers through the most compelling moments of this legend’s life in private and public service. From his early days as a young Treasury Department official through his appointments to the New York Federal Reserve Bank, the Federal Reserve, and James D. Wolfensohn, Inc., this inspiring book captures the significant moments in Volcker life and explores the ethical, economic, and moral dilemmas he faced at every turn.
A Primer on Money, Banking, and Gold (Peter L. Bernstein's Finance Classics)
One of the foremost financial writers of his generation, PeterBernstein has the unique ability to synthesize intellectual historyand economics with the theory and practice of investmentmanagement. Now, with classic titles such as Economist on WallStreet, A Primer on Money, Banking, and Gold, and The Price ofProsperity—which have forewords by financial luminariesand new introductions by the author—you can enjoy some of thebest of Bernstein in his earlier Wall Street days. With the proliferation of financial instruments, new areas ofinstability, and innovative capital market strategies, manyeconomists and investors have lost sight of the fundamentals of thefinancial system—its strengths as well as its weaknesses.A Primer on Money, Banking, and Gold takes you back to thebeginning and sorts out all the pieces.Peter Bernstein skillfully addresses how and why commercialbanks lend and invest, where money comes from, how it moves fromhand to hand, and the critical role of interest rates. He exploresthe Federal Reserve System and the consequences of the Fed'sactions on the overall economy. But this book is not just about thepast. Bernstein's novel perspective on gold and the dollar iscritical for today's decision makers, as he provides extensiveviews on the future of money, banking, and gold in the worldeconomy.This illuminating story about the heart of our economic systemis essential reading at a time when developments in finance aremore important than ever.
The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets
Throughout the violent financial disruptions of the past several years, three men have stood out as beacons of judgment and wisdom: Warren Buffett, George Soros, and Paul Volcker. Though their experiences and styles varyBuffett is the canny stock market investor; Soros is the reader of shifting global tides in trade and currencies; and Volcker is the regulator and governor, sheriff and clean-up crewthey have very much in common.All three men have more than fifty years of deep involvement in markets. All are skeptical of Wall Street frenzies. They believe that markets tend to be right, but usually only over the medium term. They have seen too many cycles of herd-driven, emotion-riding booms and busts to make their views hostage to the sweeping and simplistic assumptions of efficient-markets” models.With the benefit of his own deep understanding of markets and finance, Morris brilliantly analyzes the records of these men, distilling their wisdom and experienceand argues for the importance of consistent values in navigating the treacherous terrain of today's globalized world.
This is a memoir and an exploration of the world's financial markets of the 20th century. Dr Kaufman devotes the heart of the book to the major arenas of financial and economic life in which he has participated in for over half a century. Why has the Federal reserve gained so much power and what are the implications for investors? What patterns can be seen in the creditr crunches and other financial crisies that have rocked Wall Street and world markets in recent decades? These questions and others are answered. Dr Kaufman weaves personal anicdotes throughout the book, from fleeing Nazi Germany to his arrival on Wall Street.
The Economic Consequences of the Peace (Rediscovered Books): With linked Table of Contents
The Economic Consequences of the Peace was written and published by John Maynard Keynes. After World War I, Keynes attended the Versailles Conference as a delegate of the British Treasury and argued for a much more generous peace. It was a best seller throughout the world and was critical in establishing a general opinion that the Versailles Treaty was a "Carthaginian peace." It helped to consolidate American public opinion against the treaty and involvement in the League of Nations. The perception by much of the British public that Germany had been treated unfairly in turn was a crucial factor in public support for appeasement. The success of the book established Keynes' reputation as a leading economist. When Keynes was a key player in establishing the Bretton Woods system in 1944, he remembered the lessons from Versailles as well as the Great Depression. The Marshall Plan after the Second World War is a similar system to that proposed by Keynes in The Economic Consequences of the Peace.
Good Intentions Corrupted: The Oil for Food Scandal and the Threat to the UN
Despite its good intentions, mismanagement and corruption plagued the UN's Oil-for-Food Program:• More than 2,200 companies paid 1.8 billion in illegal surcharges and kickbacks to the Iraqi regime• The UN Security Council stood by as the Iraqi regime outright smuggled about 8.4 billion of oil during the Program years in violation of UN sanctions• The Iraqi regime steered oil contracts for political advantage by giving rights to buy oil to dozens of global political figures sympathetic to Iraq's goal to loosen or overturn the UN sanctions• The Iraqi regime provided Benon Sevan, the UN's chief administrator of the Program, with rights to buy more than 7 million barrels of oil• UN-related humanitarian agencies collected tens of millions of dollars for costs they never incurred, and some built factories in Iraq that weren't needed or that never worked at all• Even UN Secretary-General Kofi Annan was tainted by it But the whole story has never been told in one place.
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