The Shadow Market: How a Group of Wealthy Nations and Powerful Investors Secretly Dominate the World

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More About This Book

Overview

Acclaimed financial journalist Eric J. Weiner reveals how foreign countries and private investors are increasingly controlling the global economy and secretly wresting power from the United States in ways that our government cannot reverse and about which the average American knows nothing.

The most potent force in global commerce today is not the Federal Reserve, not the international banks, not the governments of the G7 countries, and certainly not the European Union. Rather, it is the multi-trillion-dollar network of super-rich, secretive, and largely unregulated investment vehicles—foreign sovereign wealth funds, government-run corporations, private equity funds, and hedge funds—that are quietly buying up the world, piece by valuable piece.

As Weiner’s groundbreaking account shows, the shadow market doesn’t have a physical headquarters such as Wall Street. It doesn’t have a formal leadership or an index to track or a single zone of exchange. Rather, it comprises an invisible and ever-shifting global nexus where money mixes with geopolitical power, often with great speed and secrecy.

Led by cash-flush nations such as China, Kuwait, Abu Dhabi, Singapore, Saudi Arabia, and even Norway, the shadow market is hiring the brightest international financial talent money can buy and is now assembling the gigantic investment portfolios that will form the power structure of tomorrow’s economy.

Taking advantage of the Great Recession and subsequent liquidity problems in the United States and Europe, the major players of the shadow market are deploying staggering amounts of cash, controlling the capital markets, and securing not only major stakes in multinational companies but huge tracts of farmland and natural resources across the world. Yet that’s not all; they’re also pursuing political agendas made possible by their massive wealth and are becoming increasingly aggressive with the United States and other governments.

Highly informative and genuinely startling, Eric J. Weiner’s up-to-date account gets out in front of daily events, with proof of his argument destined to appear in the news for years to come. The Shadow Market moves the conversation from “international competition” to “global financial warfare,” and stands as an urgent must-read for anyone interested in the future of the global economy, America’s position in the world, or how and where to invest money today.

DID YOU KNOW?

***The Pentagon has run elaborate simulations of global financial war. Result: America lost, and the shadow market won.

***The U.S. dollar is under siege as a global currency; oil-producing nations have already begun secret discussions about replacing it in oil trading.

***While Greece was burning in the spring of 2010, the shadow market nations were spending hundreds of billions of dollars all over the world rather than helping to fix the European crisis. Why? Because it wasn’t their problem.

***With its wealth of natural resources, Brazil may be more powerful than Germany, France, and Great Britain put together, and may soon rival the United States for economic supremacy in the Western Hemisphere.

***In April 2009, China told the International Monetary Fund to sell 3,217 tons of gold. How much did China buy? That’s a secret. What else is China buying? As many of the oil reserves in non–Middle Eastern countries as it can, including in Canada. It has bought so many Australian natural resource companies that Australia is getting nervous. And some would say that China has, in effect, already purchased Taiwan.

***Many of the shadow market countries are racing to improve their food-security risks by buying large swaths of farmland in other countries, potentially at the risk of starving the local citizens. Saudi Arabia has a farm the size of Connecticut in Indonesia, and Korean industrial giant Daewoo controls half the arable land of Madagascar.

***Iran is China’s third largest oil supplier and in return receives significant protection from Chinese diplomats, who are increasingly important players on the geopolitical stage.

***The shadow market countries will soon control nearly $20 trillion in assets, a sum greater than the gross domestic product of the United States.

Editorial Reviews

Publishers Weekly
For Weiner (What Goes Up), the “shadow market”--an invisible nexus of wealthy nations, hedge funds, and private equity funds--controls access to capital and natural resources, and by extension, the global economy. The author attributes this shadow market’s rising influence to the secrecy surrounding its participants’ actions: since investing and business decisions are made behind closed doors, they are impossible to regulate. The book’s lengthiest discussion is devoted to the ascendancy of China, whose current account surplus is fueling extraordinary growth in its exchange reserves and whose financial policies “were a major contributor to the expansion of the U.S. lending bubble.” Weiner is equally concerned with the losers in the world’s new economic order, devoting significant space to the U.S. and “Old Europe,” both of which he considers to be poorly positioned to protect their interests in the next century. This informative, admirably lucid book is less concerned with exposing the shadow market’s influence than with placing its emergence in the context of a larger geopolitical shift in power from the West to the East. (Oct.)

Product Details

  • ISBN-13: 9781439109151
  • Publisher: Scribner
  • Publication date: 9/21/2010
  • Pages: 304
  • Sales rank: 577,194
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.20 (d)

Meet the Author

Eric J. Weiner has covered business and economics issues for fifteen years as a writer and editor. His critically acclaimed first book, WHAT GOES UP: The Uncensored History of Modern Wall Street as told by the Bankers, Brokers, CEOs, and Scoundrels Who Made It Happen, was published in September 2005 by Little, Brown and Company, and was selected as one of the year’s best books by Barron’s magazine and one of the year’s “Most Enriching Reads” by Kiplinger’s. He is a former columnist and reporter for Dow Jones Newswires, and he has written for The Wall Street Journal, Los Angeles Times, The Boston Globe, The Village Voice, and countless other major publications. He also is a contributor to the news and opinion website The Huffington Post. He lives in Great Barrington, Massachusetts, with his wife, Paige and their son, Jake.

Table of Contents

Prologue: The Future Happened Yesterday 1

1 Money Is a Weapon 13

2 How to Spend $4 Trillion 33

3 The Land of Giants 51

4 Chinese Hardball 67

5 Too Small to Fail 127

6 Rogue Oil 155

7 Beware the Do-Gooders 193

8 Colonizing Europe in the Twenty-first Century 217

9 The American Dream, Now On Sale! Everything Must Go! 243

Epilogue: But What About Me? 257

Acknowledgments 267

Notes 271

Bibliography 279

Index 289

Customer Reviews

Average Rating 4.5
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Sort by: Showing all of 9 Customer Reviews

  • Posted September 1, 2011

    more from this reviewer

    Detailed report on the hidden nations and specialized funds buying up America

    Journalist Eric J. Weiner exposes the hidden, underreported group of countries and specialized national funds - "the shadow market" - that exerts a huge influence on global and American financial markets, and, indirectly, on US foreign policy. His interpretation of economic forces underpins his case that the US should prepare to play a diminished role in the global economy of the future. He does present a disturbing scenario: Massive public debt held by foreign entities renders the US vulnerable to economic and political manipulation. Weiner clearly believes the US's future will be very different from its past, but his sometimes hyperbolic tone gives the book a veering-on-xenophobic cast. Nonetheless, getAbstract considers his book an absorbing read for those interested in the new economic factors challenging America's position in the world.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted January 27, 2011

    Authoritative information of independent wealth funds

    The Shadow Market explains how oil rich countries (China, Kuwait, Abu Dhabi, Singapore, Saudi Arabia, and even Norway) are turning their mass cash holdings into power. As these oil countries buy influence through the markets they clash with western values and interest.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted September 25, 2010

    Amazing information in this book - a must read.

    I found this book made it easy way to understand the frightening and real things that are happening in the world economy... and I am not remotely an expert in finance. This is a MUST read.

    1 out of 1 people found this review helpful.

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