Doug Henwood has a talent, remarkable as it is rare among observers of the financial scene, for making the obscure clear, the complicated simple and the arcane understandable. His irreverent take on Wall Street is a provocative challenge to conventional wisdom that's great fun to read. Alan Abelson, Barron's columnist
In February 1998, $1.4 trillion a day crossed the wire connecting the world’s major banks. That figure — which captures most of the world’s financial action with the U.S. dollar on at least one side of the trade — was a mer e$600 billion around the time of the 1987 stock market crash. After that inconsequential cataclysm, daily volume resumed its mighty rise, passing$800 billion in 1989, and $1 trillion in 1993 (Grant 1995, 1996). It is a prodigious number: an amount equal to a year’s U.S. gross...