The Money Bazaar : Inside the Trillion-Dollar World of Currency Trading (Hardcover)

by Andrew Krieger (Author)

Editorial Reviews

From Library Journal
The foreign currency market, says currency trader Krieger, affects "every aspect of economic and social order in the U.S. and the other nations of the world." Its volume exceeds the combined trading of the New York, London, Frankfurt, and Tokyo stock exchanges, and it trades 24 hours a day around the world. It arose after the United States went off the gold standard in 1971 and has been affected by various agreements among the G-5 or G-7 nations. Nevertheless, it still plays by a quintessentially free market--supply and demand rule, government intervention being hopeless at this volume, as history has proved. Two hundred thousand traders all trying to maximize their own profits act like Adam Smith's invisible hand to produce world trade stability. Krieger's description of his own trades as case studies and his use of trading jargon makes this work somewhat more technical than the average popular business book. Business collections will probably want this, though public libraries can pass.
- Alex Wenner, Indiana Univ. Libs., Bloomington
Copyright 1992 Reed Business Information, Inc.

From Kirkus Reviews
An authoritative, if pedantic, introduction to the mercurial foreign-exchange market, where daily trading volume ranges up to $700 billion--and millions can be gained or lost on the judgments of youthful MBAs like the author. Having made a name for himself at Salomon Brothers and Bankers Trust before striking out on his own, Krieger has an insider's knowledge of a demanding profession. Unfortunately, he conveys only hints of the high-stakes game's risks and rewards, opting instead for a matter-of-fact recitation of its fundamentals. The author nonetheless provides an accessible rundown on the globe-girdling network in which nervy traders buy or sell American dollars, French francs, German marks, Japanese yen, and other hard currencies for the accounts of money-center banks, multinational corporations, securities firms, and a handful of private investors. He also makes a good job of clarifying the supply/demand forces that move the unregulated, round-the-clock market--and why it matters. But apart from self-congratulatory accounts of a few fondly remembered coups (including a killing in New Zealand kiwi), Krieger offers precious little material that's not available elsewhere in more detailed form. Indeed, he devotes the bulk of his text to a sketchy monetary history of the industrial world from Bretton Woods to the present. While the author hits such high points as 1971, the year the US went off the gold standard (creating a need for the foreign- exchange market now in existence), his narrative loses considerable momentum when he stops for explanatory background. Appreciably more interesting are Krieger's unhedged views on the greenback's prospects as a reserve currency and allied subjects. Worth noting, though, is that he borrows (without credit) from Michael M. Lewis (of Liar's Poker fame) a what-if scenario of the potentially dire consequences of an earthquake in Tokyo. An essentially academic exercise lacking in the personal perspectives that could have made it much more than a primer. -- Copyright ©1992, Kirkus Associates, LP. All rights reserved.

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Product Details

• Hardcover: 228 pages
• Publisher: Crown; 1st edition (March 3, 1992)
• Language: English
• ISBN-10: 0812918614
• ISBN-13: 978-0812918618
• Product Dimensions: 8.5 x 6 x 0.8 inches
• Shipping Weight: 13.8 ounces
• Average Customer Review: 4.2 out of 5 stars See all reviews (5 customer reviews)
• Amazon.com Sales Rank: #1,054,946 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

4 of 4 people found the following review helpful:

3.0 out of 5 stars Interesting but dated, October 23, 2003

By	Michael Bird (Yorba Linda, CA United States) - See all my reviews (TOP 1000 REVIEWER)    (REAL NAME)

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.

4 of 4 people found the following review helpful:

5.0 out of 5 stars Great overview!, April 14, 2003

By	Super Trader - See all my reviews

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.

2 of 2 people found the following review helpful:

3.0 out of 5 stars Dated and not ability oriented, June 3, 2005

By	Josh "computer/finance/psychology geek, walki... (US or EU) - See all my reviews

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.