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Joseph J Wang
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Central Banking 101 Kindle Edition

by Joseph J Wang (Author) Format: Kindle Edition
4.7 out of 5 stars 840 ratings
Central banking is magic. 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 to 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.
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  1. Print length
    227 pages
  2. Language
    English
  3. Accessibility
    Learn more
  4. Publication date
    January 22, 2021
  5. File size
    4.3 MB
  6. Page Flip
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  7. Word Wise
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  8. Enhanced typesetting
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Product details

  • ASIN ‏ : ‎ B08TV1MP8C
  • Accessibility ‏ : ‎ Learn more
  • Publication date ‏ : ‎ January 22, 2021
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 4.3 MB
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 227 pages
  • ISBN-13 ‏ : ‎ 978-0999136751
  • Page Flip ‏ : ‎ Enabled
  • Customer Reviews:
    4.7 out of 5 stars 840 ratings

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Joseph J Wang

Joseph J Wang

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Joseph spent 5 years studying the plumbing of the financial system as a senior trader on the open markets desk. The Desk sits at the center of the dollar system as its ultimate and infinite provider of dollars. It has access to virtually all regulatory and financial data, as well as open lines of communication with all major market participants. It is one of the few places in the world where one can definitively learn how the system works.

Prior to joining the Desk, Joseph was a credit analyst and in another life he practiced law. He holds a B.A. in Economics from Northwestern University, a J.D. from Columbia Law School, and an MSc. in Financial Economics from Oxford University.

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4.7 out of 5 stars
840 global ratings

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Customers say

Customers find the book offers real information on how the financial system works and provides clear explanations of complex concepts. They appreciate its readability, with one customer noting it's a great reference book for the layman, and consider it well worth the money.

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Information qualityClarityReadabilityValue for money
42 customers mention "Information quality"42 positive0 negative

Customers find the book provides valuable insights into how the financial system operates and how central banks function, building on basic economic concepts.

"...interspersed throughout the chapters which offered a clear walkthrough of real events...." Read more

"No theories or personal views here. Only information and facts that are basic and easy to understand, for most readers...." Read more

"...robust, modular, stand-alone coverage of financial markets, money markets, the repo market, currency markets, etc...." Read more

"...He writes things in a very matter of fact way and only sometimes with some admiration of the complexity of the system...." Read more

33 customers mention "Clarity"29 positive4 negative

Customers praise the book's clarity, noting its straight-to-the-point language and amazing way of explaining complex concepts.

"...It also offers a clear overview on the major players in the financial market - primary dealers, commercial banks, hedge funds, and a few others...." Read more

"...The book explains in excellent clarity how the US, and to a limited extend some foreign, financial systems work...." Read more

"...since the 2008-2009 financial crisis, and this book captures and explains those changes painstakingy (but, again, accessibly)." Read more

"The author's writing makes him much more trustworthy than many other writers on the topic...." Read more

24 customers mention "Readability"24 positive0 negative

Customers find the book enjoyable to read, with one noting it serves as a valuable reference for laypeople.

"...In sum, I'd say this is worth the short read, especially if you're like me and aren't familiar with financial markets. 5/5" Read more

"Captivating and informative" Read more

"Very good." Read more

"...Great readable "reference" book for the layman. "Reference," in quotes because it's actually engaging unlike most reference books...." Read more

4 customers mention "Value for money"4 positive0 negative

Customers find the book well worth the money, with one describing it as a practical guide to money.

"...Altogether this was probably the best $10 I’ve spent in a long while." Read more

"...and accessible overview of the current western monetary system, finance, and the roles of various entities in modern economic systems." Read more

"Well written, practical guide to money and banking..." Read more

"Well worth the money!..." Read more

Top reviews from the United States

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  • Jordan
    5.0 out of 5 stars Surprisingly information-rich given the conciseness
    Reviewed in the United States on April 27, 2025
    Verified Purchase
    I read this intermittently over a few days and found myself learning a lot about not just the US Fed and its processes but the financial market on a whole. This book offers a succinct and clear outline of how the Fed guides interest rates by directly interacting with various markets - Treasuries, Corporate Bonds, Agency MBS, Commercial Loans. It also offers a clear overview on the major players in the financial market - primary dealers, commercial banks, hedge funds, and a few others.

    I also appreciated the short blurbs interspersed throughout the chapters which offered a clear walkthrough of real events. One thing I will note though is that this book is very much focused on the US Fed, which is to be expected considering the author's background working on the open market desk. If you're from any other country this would mean that it doesn't offer a 1:1 picture of the specific mechanics of your central bank but I do think it helps in knowing what the right questions are to ask.

    In sum, I'd say this is worth the short read, especially if you're like me and aren't familiar with financial markets. 5/5
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  • TheMBOD
    5.0 out of 5 stars Should be required reading
    Reviewed in the United States on March 22, 2025
    Verified Purchase
    No theories or personal views here. Only information and facts that are basic and easy to understand, for most readers. The book explains in excellent clarity how the US, and to a limited extend some foreign, financial systems work. As an experienced investor and someone who spent 40 years in banking, this book should be required reading for any business or economics students. In fact, for investors, it should be an essential part of a suite of required readings about the macro economic picture in the market, as opposed to just being stuck in a tunnel vision of following bits of daily trends.
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  • Cbeave
    4.0 out of 5 stars great
    Reviewed in the United States on December 2, 2024
    Verified Purchase
    I started reading advanced forex trading books after being out of the market for a couple of years. ive read advanced trading books that have left me confused due to lack of in depth coverage on the subject of how overseas markets really work. Before one should start such trading ventures that require margin and leverage and potental loss, one needs a firm understanding that this book WILL provide!
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  • Emily Clark
    5.0 out of 5 stars Muy bueno y gran forma de explicar
    Reviewed in the United States on April 2, 2025
    Verified Purchase
    Se que el autor no es un escritor profesional, pero se nota que es un experto en el tema te explica todo de forma que lo hace ver como un tema facil.
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  • Minky
    5.0 out of 5 stars Incredible book -- this is the one
    Reviewed in the United States on August 4, 2024
    Verified Purchase
    This self-published book is erudite, lucid, and accessible. I've learned more about the workings of the Fed and financial markets in general from this book than from any other finance/investing/econ/financial journalism book I have ever read -- no joke. Not just about central banking -- this book provides robust, modular, stand-alone coverage of financial markets, money markets, the repo market, currency markets, etc. This is your key to understanding modern macro-finance and financial markets.

    Notably, I have read multiple books and done a lot of internet reading on how the Fed / central banking work. This books explains it better than all of those other books and, importantly, it is up to date. How the Fed does open market operations has changed dramatically since the 2008-2009 financial crisis, and this book captures and explains those changes painstakingy (but, again, accessibly).
    One person found this helpful
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  • Ariel
    5.0 out of 5 stars Most reliable information on the topic that I could find in a book.
    Reviewed in the United States on October 28, 2024
    Verified Purchase
    The author's writing makes him much more trustworthy than many other writers on the topic. He writes things in a very matter of fact way and only sometimes with some admiration of the complexity of the system. Other authors want you to share their opinions. This author want to teach you how things work as a service for your investment in his book.
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  • Cale Heintzelman
    5.0 out of 5 stars Highly Educational
    Reviewed in the United States on November 18, 2024
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    Captivating and informative
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  • D. R. Smedra
    3.0 out of 5 stars GOOD...but not Great.
    Reviewed in the United States on March 10, 2025
    Verified Purchase
    With his academic background from law school and economics, Joseph Wang tackles the subject of the US (Federal Reserve) and global central banking system. His role as a trader with the New York Federal Reserve gave him additional insight, yet it wasn’t sufficient to achieve his object of wanting “to understand how it all worked” (p.7).

    The problem with Central Banking 101—unique in its approach— is that it confusingly explains many double-entry accounting entries across the highly complex banking and financial systems. Often, the author isn’t wrong, but neither is he entirely right. Sometimes, his explanations are simply confusing. Remember, the bar here is incredibly high due to the convoluted transactional complexity in today’s global financial world.

    This book had the potential of being great had the author teamed up with one or more accounting professionals (e.g., CPA, CBA, etc.) with career backgrounds in banking or even the Federal Reserve System.

    For those wanting a clear understanding of money, monetary policy, and economic stability, including accurate accounting entries, I highly recommend the main Economics textbooks by the late Campbell R. McConnell (1928-2019). Professor McConnell was a CPA and was directly involved in banking for several decades.
    2 people found this helpful
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Top reviews from other countries

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  • Pedro
    5.0 out of 5 stars What an amazing book
    Reviewed in the Netherlands on May 1, 2025
    Verified Purchase
    Super interesting and unbiased. Author makes such a complex topic feel much easier to understand.
    I also like that, despite focusing on central banks roles and mechanisms, author also explains a lot about the banking system as a whole.
    Overall very rich reading.
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  • Client d'Amazon
    5.0 out of 5 stars J'ai beaucoup appris
    Reviewed in France on May 14, 2023
    Verified Purchase
    Grâce à ce livre mes connaissances et ma compréhension du système à incroyablement augmenter. Merci beaucoup de nous avoir transmis tout ce savoir ☺️
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  • Mie
    5.0 out of 5 stars Valioso
    Reviewed in Brazil on December 18, 2022
    Verified Purchase
    Para meu nível de conhecimento do sistema financeiro americano, achei enriquecedor.
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  • Cliente Amazon
    5.0 out of 5 stars great! A ton of value!
    Reviewed in Italy on May 18, 2024
    Verified Purchase
    great! A ton of value! Explain how things work in a monetary system ruled by central bank. It is very interesting
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  • Emilio Cabrera
    5.0 out of 5 stars Leveling the playfield in terms of understanding the FED.
    Reviewed in Mexico on September 28, 2022
    Verified Purchase
    The real mistery is why wouldn't a jewel like this be in the core curriculum of a bachelor/masters program focused on markets and finance.

    A must for any professional in banking. This should be your core!
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