Cash and currency: the foreign exchange and money markets
“The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong. Even if my assumption is occasionally wrong, I use it as a working hypothesis.”
“Money is a good servant, but a bad master. Money made it easier for earlier societies to escape from slavery or serfdom. But money, though essential, is only a means, not an end. You cannot eat it, drink it, wear it, or live in it.”
- The currency markets are global markets for foreign exchange (forex), which allow companies and other organisations to purchase goods from abroad. They are also used for foreign investment, hedging against currency risk and ...