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Orange County, Metallgesellschaft, Procter & Gamble, and Gibson Greetings all have one thing in common: all are losers in the new global derivatives markets. Those visible losses in a market that has long been suspected of being uncertain and dangerous have raised new concerns about the stability of the international financial system. Two new publications provide contrasting perspectives on the issue. In The Vandals'' Crown: How Rebel Currency Traders Overthrew the World''s Central Banks, U.S. journalist Gregory J. Millman warns about the potential power of the free marketers from Chicago who trade anything that can be priced. The other perspective comes from a report by the Bretton Woods Commission led by Paul Volcker, former chairman of the Federal Reserve. The authors of Bretton Woods: Looking to the Future argue that regulators must defend and strengthen the markets against the speculative attacks of the traders. Richard O''Brien, chief economist of American Express Bank, gives his perspective on the struggle, and John Calverley, American Express Bank''s chief investment strategist, writes a companion piece on the currency wars between governments and the markets.