The first authoritative history of hedge funds; from their rebel beginnings to their role in defining the future of finance.

China seems to want the yuan to dethrone the dollar as the global reserve currency. But don't expect China's currency to take over anytime soon.

Drawing on some 200 interviews, including twenty hours of discussions with World Bank President James Wolfensohn, Washington Post editorial columnist and Director of the Council's Center for Geoeconomic Studies Sebastian Mallaby takes readers inside the world's premier development institution.

The latest gathering of the world's leading economies failed to signal a clear path to resolving global debt and growth concerns, but the Toronto summit can claim success in positively influencing major powers' economic policies, writes CFR's Sebastian Mallaby.

Sebastian Mallaby says that Congress is creating obstacles for entrepreneurial boutique financiers--precisely the players who must absorb the risks that were appallingly mishandled by too-big-to-fail banks.

Unlike "too big to fail" financial firms, hedge funds spot market bubbles and assume their own losses, says CFR's Sebastian Mallaby.

Sebastian Mallaby argues that hedge funds hold the key to a more stable financial system.

In this excerpt from his new book, More Money Than God, on the history of hedge funds, Sebastian Mallaby tells the story of the break-up of Europe's Exchange Rate Mechanism in 1992 from inside of George Soros's Quantum Fund.

The financial reform bill passed by the Senate appears likely to help lessen risks, but it is doubtful the new measures will work as designed, says CFR's Sebastian Mallaby.

Sebastian Mallaby says that the eurozone's twin temptations--to borrow too much, to raise wages too much--always threatened the cohesion of the currency union. If Greece is rescued from its follies, these temptations will become stronger.

Despite the Senate's failure to move ahead with financial reform legislation, a package that aims to reduce some of the risky behavior that led to the global financial crisis is not far off, says CFR's Sebastian Mallaby.

Sebastian Mallaby says that the SEC's case against Goldman Sachs looks flimsy so far. If Goldman has become a poster child for excessive power on Wall Street, the SEC might become a poster child for government power run amok.

The first authoritative history of hedge funds; from their rebel beginnings to their role in defining the future of finance.

Six experts debate whether the Obama administration's approach to China's currency policy is the right one, and why.

Sebastian Mallaby explains why hedge-fund traders are better than central bankers at anticipating bubbles.

Sebastian Mallaby writes that like the Japan of two decades ago, China is searching for its identity.

Sebastian Mallaby argues that China's furious reaction to criticism of its exchange rate hints at vulnerabilities. While China's autocratic system was good at quickly delivering a stimulus, it is not so good at tackling trickier structural challenges such as revamping its currency policy.

Markets' reaction to the sovereign debt crisis in Greece and other European countries suggests global governments "have used up all their ammunition to boost global growth," and could be punished by the markets if they sustain stimulus programs, says CFR's Sebastian Mallaby.

President Barack Obama's first State of the Union address focused heavily, as expected, on domestic economic recovery and reasserting U.S. competitiveness. Six CFR experts noted different aspects of the challenges facing Obama.

Sebastian Mallaby argues that Obama's proposal to shut down proprietary trading desks at "too big to fail" banks goes too far. A tax on size would be better.

Brazil's economic miracle is being threatened by China's peg to the falling dollar, which undermines Brazil's competitiveness. Sebastian Mallaby says that Brazil may need to confront China to keep its success on track.

Sebastian Mallaby says that the nonchalance with which global financial markets have reacted to the bankruptcy of Dubai World is alarming.