With a few words, the Fed can lift the stock market out of desperation and catapult it towards euphoric highs. With a few keystrokes, the Fed can conjure up trillions of dollars and fund virtually unlimited Federal spending. And with a few poor decisions, the Fed can plunge the entire world into a recession. The Federal Reserve is one of the most powerful institutions in the world, and also one of the most difficult to understand.The Fed acts through its Open Markets Desk, which sits at the heart of the global financial system as the world's ultimate and limitless provider of dollars. On behalf of policy makers, the Desk gathers market intelligence from all the major market participants, sifts through reams of internal data, and works behind the scenes keep the financial system intact. It is responsible for all of the Fed's market operations, from trillions in quantitative easing to hundreds of billions in repo and FX-swap loans. The financial crises of 2008 and 2020 abated only through the emergency interventions of the Desk.Joseph Wang spent five years studying the monetary system as a trader on the Desk. From that vantage point, Joseph saw firsthand how the Fed operates and how the financial system really works. This book is a distillation of his experience that aims to educate and demystify. After reading this book, you will understand how money is created, how the global dollar system is structured, and how it all fits into the broader financial system.The views in this book do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System.

    When a scholar as careful and learned as Mr. Kennedy is prompted by contemporary issues to reexamine the great processes of the past, the result can only be an enhancement of our historical understanding.... When the study is written as simply and attractively as this work is, its publication may have a great and beneficient impact. It is to be hoped that Mr. Kennedy's will have one, at a potentially decisive moment in America's history."Michael Howard, The New York Times Book Review"Important, learned, and lucid... Paul Kennedy's great achievement is that he makes us see our current international problems against a background of empires that have gone under because they were unaible to sustain the material cost of greatness; and he does so in a universal historical perspective of which Ranke would surely have approved."James Joll, The New York Review of Books"His strategic-economic approach provides him with the context for a shapely narrative....Professor Kennedy not only exploits his framework eloquently, he also makes use of it to dig deeper and explore the historical contexts in which some 'power centers' prospered....But the most commanding purpose of his project...is the lesson he draws from 15 centuries of statecraft to apply to the present scene....[The book's] final section is for everyone concerned with the contemporary political scene."Christopher Lehmann-Haupt, The New York Times"Kennedy gives epic meaning to the nation's relative economic and industrial decline." Newsweek

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