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Marilyn HarrisThe hypotheticals Garson comes up with are just as engaging as the confirmable facts in this story.
Garson begins simply by depositing a modest sum in a one-branch, small-town bank. With a second sum, she buys shares in an aggressive ...
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Garson begins simply by depositing a modest sum in a one-branch, small-town bank. With a second sum, she buys shares in an aggressive mutual fund. From those points of departure, she tracks her money's every stop as it races digitally around the world for loans, speculation, and investments. The trail takes her to, among other places, the Federal funds trading desk of a Manhattan mega-bank, a Brooklyn shrimp importer, a new oil refinery in Asia, and factories in Tennessee and Maine.
All along the way she talks to the people who touch, use, or are touched by her money. Her encounters with Wall Street bankers, Chinese labor contractors, Texas oil company treasurers, Bangkok street vendors, Thai welders, American workers, owners, and union representatives, and George Soros -- all of whom get a piece of her investment -- transform our understanding of money. Garson watches the amazing trickle-down of the Asian boom as well as the instantaneous drought brought on by the currency crash. Her investments produce exhilarating change and disturbing insecurity for "first world" people too, as she measures who profits and who doesn't in restructuring, downsizing, and outsourcing.
Few of the people Garson meets know or care about capital flows, but by the time the tour is over, the mechanisms of global finance are no longer obscure or abstract -- we understand just how money does, or doesn't, make the world go around. Part detective story, part business report, this is a primer on today's dizzying economic dynamic and a surprising account of modern life.
|The Bank Deposit|
|It's a Wonderful Life||7|
|The Sun Never Sets||25|
|Looking for Loans in All the Wrong Places||41|
|Honesty Is the Best Policy||137|
|Plunging into the Market||177|
|Now There's a Bright Idea||191|
|Six Months Later||244|
|"Sunbeam Audit Finds a Mirage, No Turnaround"||263|
|Restructuring Hits Home||272|
Posted March 5, 2003
Some books set out to accomplish the impossible and come admirably close. Barbara Garson¿s volume is a prime example. Can you deposit money in a little rural bank and really trace its spread across the global monetary system? How do you know that a multi-million dollar loan to, say, shrimp exporters in Thailand, really has anything to do with the actual dollars you deposited? But that¿s not the point of this book. The author embarks on a whirlwind, worldwide tour of the global financial juggernaut, and shows how money falls like a drop in a pond and emits waves of disruption that seemingly spread out forever. Garson concludes that deregulation needs to be reigned in, a reasonable anticipation of the Enron mess. We from getAbstract highly recommend her book to business people and consumers who want a better feel for what the ¿global economic order¿ is all about, why people are protesting at each meeting of the WTO and whether you should be steamed as well.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.