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Overview
In The Vandals' Crown, Gregory Millman paints a vivid picture of the new revolutionaries, both the famous and the little known, and he reveals the inside story of the revolution that has stripped governments of their power to control money. Today, traders have taken the law into their own hands. Like vigilantes, they enforce fundamental economic laws not for love of law but for profit, regardless of what regulators or central bankers may think. They are the reason why the Japanese government was powerless to stop the collapse of the Tokyo stock market in 1990; why the concerted actions of all the Western European countries were unable to roll back a speculative attack on the European Monetary System in 1992; why the U.S. government was unable to stop the slide of the dollar in 1994; why Mexico, Orange County, and numerous corporate losses made dire headlines in 1994 and 1995. The new financial vigilantes move more than $1 trillion every day in currency alone - more than all the cars, wheat, oil, and other products traded in the so-called "real" economy. The Vandals' Crown may be the most important story in modern financial history.Editorials
David Rouse
Millman is a writer who has covered the financial markets for eight years for such publications as "Forbes", "Barron's", and "Institutional Investor". His interest here is in two new investment tools that have created convulsions in the worldwide financial community: foreign exchange currency trades and derivatives. Both techniques are quite sophisticated and little understood even by government watchdogs and major financial corporations, but Millman does his best to make this story accessible to the general reader. The bulk of his book focuses on the European currency exchange-rate mechanism. He provides a history of how the competing forces of government and financial interests led to the monetary system that was brought down during the European currency crisis of September 1992 by speculators like George Soros, who made $2 billion in one day. Millman also profiles speculators who have engaged in high-risk transactions using financial derivatives but whose activities never came to light until they had suffered huge losses.Book Details
Published
February 1, 1995
Publisher
New York : Free Press, c1995.
Pages
305
Format
Hardcover
ISBN
9780029212875