Biography of the Dollar

December 17, 2007
In this colorful but sometimes superficial survey of the history and present role of the U.S. dollar, Wall Street Journal
reporter Karmin tackles the complex dynamics that have placed American currency at the top of the global economy and the forces that now threaten its position there. In six loosely linked chapters—one offers a peek inside a currency-trading hedge fund, while another takes readers to Ecuador, which in 2000 abandoned its own currency and adopted the dollar as its only legal tender—Karmin examines the dollar's unprecedented role as the first truly global currency that is trusted and accepted around the world, a phenomenon based on little more than faith in the U.S. government and “the idea of America.” The book is studded with interesting trivia, especially in a chapter about the Department of Engraving and Printing, which produces $529 million in banknotes every day and once printed counterfeit Cuban pesos as part of a government plan to destabilize Castro's regime, but Karmin occasionally sacrifices depth and explication in order to maintain the book's fast pace and glib tone. It's a fun read, but doesn't add up to more than the sum of its disparate parts.

February 1, 2008
The U.S. dollar, the best-known icon associated with this country, has evolved to assume a unique position in world trade, making global transactions simpler while also helping to expand the global economy. The greenback, however, may eventually lose its "privileged status" owing to modern world dynamics, such as the introduction of the euro, changing foreign central bank reserve strategies, the growing strength of economies like China, and powerful hedge fund managers with the capabilities for currency transactions that rival entire economies in size. Yet despite the complexity of the global currency market, Karmin (reporter, "Money and Investing" section, "Wall Street Journal") skillfully explains its inner workings and identifies the top players and monetary strategies. Pointing out that the dollar may decline even further in the future, he presents strong arguments for investing in foreign currencies and provides examples of how this can be done. Recommended for public library patrons with some knowledge of high finance, this may also be suitable in academic libraries as a non-textbook introduction to currency markets.Caroline Geck, Kean Univ., Union, NJ

Copyright 2008 Library Journal, LLC Used with permission.

February 15, 2008
Craig Karmin, reporter for the Money and Investing section of the Wall Street Journal, traces the history of the almighty dollar from its beginnings in the early nineteenth century as a hodgepodge of U.S. regional bank notes to the de facto powerhouse of world trade in the latter twentieth century, and he examines the future of the dollar as the reigning currency of choice in the global economy. He goes from the daily routine of a currency trader who shuffles $20 million worth of positions with the click of a mouse to the hidden world of professional counterfeiting and the creation of sophisticated security features designed to thwart such activity. In the inner workings of the Bureau of Engraving and Printing, artisans still carve master plates with scalpels while enormous presses run nonstop, churning out $500 million worth of Federal Reserve notes per day, which often end up being stockpiled by foreign interests rather than in the hands of U.S. citizens. This remarkable historical, political, and economic examination of the dollar raises many concerns for all stakeholders in Americas future.(Reprinted with permission of Booklist, copyright 2008, American Library Association.)