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No Reserve: The Limit of Absolute Power Paperback – January 11, 2011

4.0 out of 5 stars 11 ratings

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Editorial Reviews

Amazon.com Review

"Martín Redrado is a hero among the world’s central bankers. His principled refusal to buckle under intense political pressure to promote irresponsible policies ended his career as president of the Argentine central bank. This highly readable book traces his courageous journey through political minefields." - Alan Greenspan

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

In 2004, as Argentina was beginning to climb out of one of its periodic economic slumps, Redrado was appointed the president of the country’s Central Bank. His tenure coincided with the worldwide recession, which started in 2006 with the collapse of the American real-estate market but soon affected other countries (especially, and particularly disastrously, emerging countries like Argentina). While trying to repair the schisms within the Central Bank, Redrado also had to contend with the country’s preexisting debts to the International Monetary Fund, and, during the global recession, the political machinations of the Argentinian president, who (Redrado says) saw in the country’s instability an opportunity to consolidate her own power. This book, which is surprisingly lively, given its subject matter, requires some background about international finance on the part of the reader. Readers who possess that background will find the book a real eye-opener; others may feel a bit lost at times but will be still be fascinated by the insider’s story of the recent global economic crisis. — David Pitt

Also Available in Spanish
Martín Redrado's No Reserve is also available in Spanish as Sin Reservas.

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
  • Customer Reviews:
    4.0 out of 5 stars 11 ratings

About the author

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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

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Top reviews from other countries

Gv
5.0 out of 5 stars interesting book
Reviewed in Germany on January 13, 2017
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