Foreign Exchange

"Foreign Exchange" by Robert L. Owen is a detailed exploration of global finance and currency control right after World War I. The book highlights keeping the American dollar strong in foreign countries, especially since the war made it less valuable compared to other money. Owen, a U.S. Senator and banking expert, examines how foreign exchange works and how trade balances affect currency. Owen explains why the American dollar lost value in countries such as Spain and Italy, and how this hurts American business and relationships with other countries. In the story, he goes into detail about foreign bills of exchange, trade balances, and how government actions change currency values. Owen suggests ways to fix these problems and steady the dollar, like creating a special Federal Reserve bank for foreign exchange, which would help protect the value of American money worldwide. Owen urges the government to work together to fix the economic problems caused by the war and keep the dollar respected as a reliable form of value in international trade.