The power of money

the long version

In The Power of Money, Armand Van Dormael navigates a path to understanding for the neophyte and enlightened economist alike. Focusing on the Euromarket, Van Dormael introduces us to the players, the abuses, and the behind-the-scenes machinations for control of the global economy. The journey begins in the sixteenth century when Jacob Fugger makes a transaction which results in the first major victory of credit over cash. With the firm hand of an authoritative scholar, Van Dormael takes us through succeeding time periods, illuminating such transformative events as John Morgan's establishment of the primacy of finance over industry, and the failure of Bretton Woods (the 1944 UN Monetary Conference at which the International Monetary Fund was established). He delineates how interbank lending in the 1960s led to what we now term global banking, and how the inept decisions of world leaders in matters of economics have led to some of our planet's greatest tragedies. Turning to today's most pressing economic issues, Van Dormael addresses the rise of the Eurodollar and speculates on what may be in store for the first generation of young people who will be less well off than their parents.