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No Reserve: The Limit of Absolute Power Paperback – January 11, 2011
| Martín Redrado (Author) Find all the books, read about the author, and more. See search results for this author |
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No Reserve: The Limit of Absolute Power is a gripping and historically fascinating look into the dangers of mixing political power and economics in an emerging country. Written by Martín Redrado, president of Argentina’s Central Bank (2004-2010), readers learn how this Harvard-educated veteran of Wall Street and leading Latin American economist was appointed by the country’s President, Nestor Kirchner, to lead Argentina through difficult economic times. By 2008, the country, along with the world, was in financial crisis and through the independent policies of the Central Bank was able to overcome for the first time in decades a history of cyclical breakups. At the beginning of 2010, when Redrado was asked to cover the costs of public spending and out-of-control national debts, his tenure was over. Ethical, determined, and loyal to his country, the author began his fight against financial corruption. Readers will be intrigued by Redrado’s explanations of emerging world markets, tenets of central banking, and how governments can cause and avoid financial crises.
- Print length288 pages
- LanguageEnglish
- Publication dateJanuary 11, 2011
- Dimensions5.5 x 1 x 8.25 inches
- ISBN-10193559723X
- ISBN-13978-1935597230
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Editorial Reviews
Amazon.com Review
An Interview with Martín Redrado
Martín Redrado, the former president of the Central Bank of Argentina, recently agreed to answer six questions from The Daily Caller about his book and other topics of interest:
Question: Why did you write the book?
Martin Redrado: My book, No Reserve, explains the political nuances in an emerging country, which happens to be Argentina. This story gives the reader a better understanding of how the developing world works in business and politics.
Question: Give us a brief summary of what the book is about.
Martin Redrado:No Reserve is a look into the dangers of mixing political power and economics in an emerging country. The book exposes the peculiarities of public life and reveals how I helped lead my country out of the 2008-2009 global economic crises.
Through the independent policies of the Central Bank, Argentina was able to overcome, for the first time in decades, a history of cyclical breakups. At the beginning of 2010, when I was asked to cover the costs of public spending and out-of-control national debts, my tenure was over. Determined, and loyal to my country, I began a fight against financial corruption. I explain emerging world markets, tenets of central banking, and how governments can cause and avoid financial crises.
Question: Why should Americans be concerned about what happens in Argentina?
Martin Redrado: Argentina is the third market in Latin America after Brazil and Mexico. Most importantly, this story provides deep insight into how to deal with any emerging economy. Growth in this decade is coming from Asia and Latin America so a better political understanding will make Americans more knowledgeable in their relations with these countries.
Question: Outside of the Middle East, according to the Pew Global Attitudes poll, Argentinians consistently hold among the most negative views of America. Why do you think that is?
Martin Redrado: There is a lack of understanding in both countries of our idiosyncrasies, and our different approaches to confront our problems. We try to explain our bilateral relations through local and somewhat ideological prisms.
Question: What are the three books that most shaped your worldview?
Martin Redrado:Presidential Power by Richard Neustadt, Soft Power by Joseph Nye and Human Capitalism by Jacques Maritain, are the three books that made a strong impact in my political views and my approach to international relations.
Question: What is your view about Hugo Chavez in Venezuela?
Martin Redrado: Hugo Chavez leads an authoritarian regime, which does not allow the country to realize the potential that Venezuela has. However, we need to integrate this important country with the rest of South America in generating a comprehensive regional energy policy.
(Interview by Jamie Weinstein for The Daily Caller.)From Booklist
About the Author
International policy maker Martín Redrado is a Harvard-educated, Wall Street-seasoned economist whose determination and willingness to stand up against authority led his country out of the 2008-2009 world financial disaster. The former president of the central Bank of Argentina, Redrado is credited with recognizing government corruption and fighting for Argentina’s economic survival. He created Fundación Capital, an economic think tank in Latin America, and he is author of four books: How to Survive Globalization, Exports for Growth, Time of Challenges and No Reserve.
Born and reared in rural Ohio, Dan Newland has lived and worked in Argentina since 1973. He worked for 13 years at the Buenos Aires Herald, a daily renowned for its valiant human rights campaign during Argentina’s bloody era of military rule. Newland’s editorial comments contributed to that effort. He reached the post of managing editor before leaving The Herald to begin his current, life-long career as an independent writer, translator and editor.
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Product details
- Publisher : Amazon Crossing (January 11, 2011)
- Language : English
- Paperback : 288 pages
- ISBN-10 : 193559723X
- ISBN-13 : 978-1935597230
- Item Weight : 10.4 ounces
- Dimensions : 5.5 x 1 x 8.25 inches
- Best Sellers Rank: #6,532,046 in Books (See Top 100 in Books)
- #2,728 in Caribbean & Latin American Literature
- #7,950 in Theory of Economics
- #27,039 in Political Leader Biographies
- Customer Reviews:
About the author

Martín Redrado is a rare blend of thinker and international policy maker.
As a Central Banker in Argentina, his policies aided Argentina in overcoming the 2008-2009 world financial crisis. He resigned his position after the president made the decision to use Central Bank’s reserves to pay for current expenditures.
In 1994, he created Fundacion Capital, an economic research house that has established itself as a top think tank in Latin America.
He is the author of four books, “Cómo sobrevivir a la globalización” (How to Survive Globalization), “Exportar para crecer” (Exports for Growth), “Tiempo de Desafíos” (Time of Challenges), and “Sin Reservas” (No Reserve).
Customer reviews
Top reviews from the United States
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For me, the quality of the translation is a great disappointment. I'm familiar with the jargon of the field, but the translation is so poor as to render sections almost completely incoherent. The translator, originally from Ohio, is a native speaker, but his English is not graceful and, in some instances, not grammatical. He is completely unfamiliar with the technical mechanics of banking and finance and does not convey any of those elements clearly. One has to infer rather than understand clearly what steps had been taken. Publishing this book under the author's name is an insult to him.
That said, I couldn't put this book down. This book details a major marker in the downward spiral of Christina's regime. It would be a service to Redrado to retranslate the book. It would make a compelling account that much more interesting.
However, that should not deter you from reading this excellent account of the financial struggles of Argentina from 2004 to 2010. Argentina should be one of the richest country in the world due to its natural resources, educated and energetic population and small necessity for military defense. Instead it has been a chronic inflicter of financial disasters on foreigners for over two centuries, and has hobbled its own economy as a result. Of course it has political issues as well, but it was economic mismanagement that sparked the movements that mismanaged everything else. The political ship of state gets righted periodically, only to be sunk by new economic disasters.
Redrado gives a clear and insightful account of what happened this time, and how it happened. Other reviewers have complained that the story is too technical, but that is not fair. Everything is explained in simple terms. He does use a bit of mild jargon here and there, but it's stuff any reader with general knowledge could look up quickly. One reason it seems confusing is Redrado is a pragmatist who will not admit that. The things he does are straightforward and easy to understand, once he explains the background and logic. But he often inserts some complex nonsense to make everything seem more consistent theoretically. He is a central banker who understands trade and banking and finance in all their messy details, but who presents himself as an armchair academic economist.
This excellent book is a perfect foil to Barry Eichengreen's Exorbitant Privilege . That tells the story of the US dollar, the currency that is so strong it causes problems for the US and the world; while Argentina deals with the same issues from the perspective of a currency that is so weak it causes problems for Argentina and the world. To round out your understanding, pick up Perry Mehrling's The New Lombard Street about how the recent financial crisis affected central banking. All three books are short and easy to read, Eichengreen and Mehrling's are well-written and easy for noneconomists to understand.
However, I doubt that. Reading through the awkwardness, the chief problem I had with No Reserve is the narrowness of its subject matter. The subtitle suggests a broad philosophic overview of governance, but the text zeroes in on the arcane world of central banking.
I think it's fair to say that I am a political wonk. As an elected official the whole arena of public policy carries more than average interest for me, and I looked forward to reading Redrado's memoir. The experience has been a severe disappointment.
This book may be of interest to specialists, but it definitely isn't for the general reader, not even to the general wonk.
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