Biography of the Dollar

Biography of the Dollar

How the Mighty Buck Conquered the World and Why It's Under Siege

eBook - 2008
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Random House, Inc.
Will the sun set on the greatest currency in the history of the world?

For decades the dollar has been the undisputed champ. It’s not only the currency of America but much of the world as well, the fuel of global prosperity. As the superengine of the world’s only superpower, it’s accepted everywhere. When an Asian company trades with South America, those transactions are done in dollars, the currency of international business.

But for how much longer? Economists fear America is digging a hole with an economy based on massive borrowing and huge deficits that cloud the dollar’s future. Will the buck be eclipsed by the euro or even China’s renminbi? Should Americans worry when the value of the mighty U.S. dollar sinks to par with the Canadian “loonie”?

Craig Karmin’s in-depth “biography” of the dollar explores these issues. It also examines the green-back’s history, allure, and unique role as a catalyst for globalization, and how the American buck became so almighty that $ became perhaps the most powerful symbol on earth.

Biography of the Dollar explores every aspect of its subject: the power of the Federal Reserve, the inner sanctums of foreign central banks that stockpile the currency, and the little-known circles of foreign exchange traders that determine a currency’s worth. It traces the dollar’s ascendancy, including one incredibly important duck-hunting trip and the world-changing Bretton Woods Conference.

With its watermark, color-shifting inks, and a presidential portrait that glows under ultraviolet light, the dollar has obsessed foreign governments, some of which have tried to counterfeit it. Even Saddam Hussein, who insisted on being paid in euros for oil, had $750,000 in hundred-dollar bills when captured. Yet if a worldwide currency has enabled a global economy to flourish, it’s also allowed the United States to owe unbelievable, shocking amounts of money—paying hundreds of millions of dollars every single day just in interest on foreign debt; that’s raised concerns that the dollar standard may not be sustainable.


Any threat to the dollar’s privileged status would do much more than hurt American pride. It would mean U.S. companies and citizens would not be able to borrow at the low rates they have become accustomed to. The dollar’s demise would impact the rest of the world, too, boosting the costs of trade and investment if no other currency was able to play the same crucial role. Ultimately the dollar system may weaken, but it should endure—a while longer, at least; it’s in few people’s interest to see it fail, and there is still no credible alternative.

Biography of the Dollar is must reading for anyone who wants to understand what truly makes the world go ’round—and whether it will continue to spin the way we want it to.


From the Hardcover edition.

Baker & Taylor
A history of the U.S. dollar follows a single bill from its "birth" at the U.S. Bureau of Printing and Engraving to its shredding nearly two years later as it examines the reasons why the American currency has become so widely accepted, its role in international finance and trade, its impact on globalization, and more. 35,000 first printing.

Publisher: New York : Crown Business, c2008
ISBN: 0307409813 (electronic bk. : Adobe Reader)
9780307409812 (electronic bk. : Adobe Reader)
Branch Call Number: eBOOK 332.4973 KAR
Characteristics: 263 p. ; 24 cm

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John_M
Feb 06, 2014

An interesting discussion of the role of the US dollar in the world. Unfortunately such a book gets a bit outdated and it ends in 2007, a lot has happened since then. Also there appears to be one glaring error where it states that it is costing $1million per day for every man, woman and child interest on the US debt. It may have been referring to the 400 people in a presentation but I do not think so. I checked the US annual debt servicing cost and it agrees with that stated in this book, doing the math this comes to a few 1 to 5 $ per day per man, woman and child in the US.

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