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A sumptuous monograph presenting for the first time the extraordinarily imaginative and delightful work of visionary artist Renaldo Kuhler (American, 1931–2013). The Secret World of Renaldo Kuhler catapults a thrilling new discovery into the pantheon of the most accomplished visionary—or “outsider”—artists. Like Henry Darger, Howard Finster, George Widener, and Adolf Wölfli, Renaldo Kuhler was an exceptionally gifted artist and possessed an imagination all his own. By day Kuhler was a self-taught scientific illustrator under the employ of the North Carolina Museum of Natural Sciences, for which he created thousands of wonderfully precise illustrations of myriad natural history specimens—reptiles, fish, turtles, and the like. Renaldo Kuhler was an unusual individual, as was instantly clear from his appearance alone. Six-foot-four, with a white beard and ponytail, he wore a custom-tailored uniform consisting of a sleeveless Kelly green suit jacket with wide, black, notched lapels, epaulets, and brass buttons, a matching suit vest, yellow flannel dress shirt, a fleur-de-lis Boy Scout neckerchief, and tight-fitting knee-length shorts (“cotton-blend lederhosen”). However, unbeknownst even to family, friends, and coworkers, Kuhler was more than an eccentric, gifted scientific illustrator. He was a prolific visionary artist, who, as a teenager in the late 1940s, invented an imaginary country he named Rocaterrania—after Rockland County, New York, where he had lived as a child. For the next sixty years, in secret, he illustrated the nation’s entire history and the prominent characters of its populace. Rocaterrania is a fantastical world, a richly illustrated amalgam of Kuhler’s personal cultural and aesthetic fascinations. Situated just north of the Adirondacks in New York, at the Canada–United States border, Rocaterrania is a sovereign nation of immigrants, from Scandinavia to Eastern Europe. Kuhler invented a complete world populated by a royal family and a succession of leaders resembling historical Russian figures, Women reminiscent of Marlene Dietrich and Janet Leigh play important roles as do bearded men of a seeming Hasidic Jewish heritage, men bearing curious physical similarities to American presidents, and neutants—individuals neither male nor female. Amid forests, mountains, lakes, and rivers, Kuhler’s imaginary country is made up of provinces and cities filled with distinctive Rocaterranian architecture and well-planned railroad and metro systems. Its government is unique, and it has its own religion, Ojallism, and its own evolving language and alphabet. With an organized labor service, a prison system (modeled after a New Jersey state penitentiary), a university system, a Rocaterranian Olympics, and an independent movie industry, Rocaterrania is a nation bustling with dozens of characters and their intrigues. Initially meant to be an escape, Kuhler's Rocaterrania became a secret lifelong obsession, an intricately coded, metaphorical account through Rocaterrania’s tumultuous history, which dovetailed with Kuhler’s own struggles for independence and freedom. Renaldo was the son of the German-born industrial designer Otto Kuhler, renowned for his Art Deco–era streamlined trains; his Belgian mother had little patience for her son, who was ostracized and bullied throughout his life for being “different.” The Kuhler family moved in 1948 from Rockland County, New York, to a remote cattle ranch in the Colorado Rockies—an unbearably isolated environment for the teenaged Renaldo. Retreating to his sketchbooks, journals, and watercolors to invent his imaginary nation of Rocaterrania, young Kuhler wrote, “The ability to fantasize is the ability to survive.” The Secret World of Renaldo Kuhler is filled with more than 400 illustrations in pencil, ink, acrylic, oil, gouache, watercolor, colored pencils, and markers, demonstrating Kuhler’s phenomenal draftsmanship and wide range of style—from delicately shaded graphite works to comic-book ink drawings. Complementing Kuhler’s impressive artistry is his gift for analogical thinking, which flowered in his appropriation and reimagining of personalities, places, and events from world history to form a cohesive and fully imagined world. After decades of secrecy, Kuhler eventually first shared his work and the story of his imaginary country with filmmaker Brett Ingram, whom he met by chance in the mid-1990s. In 2009 Ingram released Rocaterrania, a feature-length documentary with prized footage of Kuhler at home and at work, and talking about his creation. With The Secret World of Renaldo Kuhler Ingram has written the complete story of Rocaterrania as relayed to him over time by Kuhler, resulting in a fascinating, highly entertaining first and major book about this rare, newly discovered, full-blown visionary outsider artist.

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In response to the Global Financial Crisis and the COVID-19 pandemic, central banks have used all available instruments in their monetary policy tool-kit to avoid financial market disruptions and a collapse in real economic activities. These actions have expanded the size of their balance sheets and altered the composition of the asset-side. This edited book highlights how these assets are managed, providing an intellectual and practical contribution to an under-researched field of central bank responsibilities. It first reviews the sources and uses of domestic and international assets and how they complement—or possibly conflict with—the implementation of monetary policy goals. Next, the book examines the asset management mandate in a balance sheet context before turning to the investment decision-making process from strategic and tactical asset allocation to investment strategies, risk management, governance, reporting and control. Finally, it presents new developments in the field of managing assets at central banks. The individual chapters are written by central bankers, academics, and representatives from International Financial Institutions, each representing a particular aspect of the asset management practice.Practical and powerful insights from a hall of fame of investors, central bankers and scholars, are packed into this one volume. If you could have only one book on central bank asset management, this would be it. —Peter R. Fisher, Clinical Professor, Tuck School of Business at DartmouthJacob Bjorheim draws on his long experience in sovereign asset management to pull together a rich collection of insights from a broad range of expertise. Asset management at central banks has evolved and expanded considerably over the past decade. This book is a timely source of information and guidance. —Guy Debelle, Deputy Governor, Reserve Bank of AustraliaCentral bank balance sheets have grown at a tremendous pace over the last decade and a half. Drawing on contributions from scholars and experienced central bankers from around the world, this timely and insightful book sheds light on how central banks are, and should be, managing their growing balance sheets. —Kjell G. Nyborg, Chaired Professor of Finance, University of Zurich, Author of Collateral Frameworks: The Open Secret of Central BanksCentral banks and monetary authorities are charged with, and being held accountable for, managing portfolios of foreign currency assets of unprecedented size. The essays in this admirable book, written by some of the worlds most highly experienced officials, cover the full range of why and how this is currently being done and how new developments are affecting old practices. Interesting conceptually and immensely useful practically. —William White, Senior Fellow at the C.D. Howe Institute, former Head of the Monetary and Economic Department with the Bank for International Settlements (BIS) and chairman of the Economic and Development Review Committee at the OECDAn excellent and timely review of modern international reserve management, which ought to be read by everyone working with, or simply interested in, international asset management and finance as well as monetary and economic policy. The spectrum of authors is broad and their combined insight is very valuable. —Tom A. Fearnley, Investment Director, Norwegian Ministry of FinanceWith “Asset Management at Central Banks and Monetary Authorities”, Jacob Bjorheim has achieved an editorial tour de force. The book assembles the insightful views of the leading experts in the field, both from an academic and practitioners’ perspective. It bridges the gap between the macroeconomics of central banks and the financial management of their reserves. A must read to understand how central banks are special in the group of institutional investors. —Eric Bouyé, Head of Asset Allocation and Quantitative Strategies, Treasury Department, The World BankThe balance sheet is a large and important toolbox for any central bank and specifically the foreign exchange reserves constitute one the more powerful of these tools. This book provides excellent insight in the various perspectives of managing reserves at a central bank. —Heidi Elmér, Director of Markets Department, Severiges RiksbankThe world of international reserves has changed since the global financial crisis. In this volume, Jacob Bjorheim has assembled a stellar cast of experts to explain how and what that means for reserves management. With chapter authors like Andrew Ang, Jennifer Johnson-Calari, Robert McCauley, Ravi Menon, Simon Potter and Philip Turner, it is a book that every reserve manager must read. —Eli Remolona, Professor of Finance and Director of Central Banking, Asia School of Business in collaboration with MIT SloanJacob Bjorheim has succeeded in bringing together a first-class team of experts, and organising their contributions in an articulated journey from the central banks’ policy mandate to their asset management practices. An indispensable post-crisis update of the subject and a a required reading for anyone professionally involved with central bank’s asset management, or simply curious about a topic benefitting otherwise from limited research. —Louis de Montpellier, Former Global Head, Official Institutions Group, SSGA, and former Deputy Head, Banking Department, Bank for International Settlements (BIS), BaselAt last, a book that shares with a wider audience, deep insight in a unique, challenging and ethical approach of asset management developed and implemented in the secretive world of central banks. If you wonder how to manage funds that stand ready for use at short notice in times of stress then this book is for you. Two features make it such a valuable read and a must-have reference: First, the very comprehensive list of themes covered from a rich diversity of angles. Second, the very impressive list of prominent institutions and authors that have contributed and shared their analysis and practical approaches of the issues presented. What is better than to get the information directly from first-hand practitioners, experts and managers themselves in their own words? —Jean-Pierre Matt, Former Head of Financial Analysis at the Bank for International Settlements (BIS) and founder of QuanteisThis book holds the promise to become the go-to guide for anyone wishing to learn more about the management of official foreign exchange reserves. Central bankers in particular, but also those providing services to central banks, will find benefit from the broad scope in subject matter and varied perspectives being presented. I am yet to see a compendium on official reserve management with similar reach in subject matter. —Leon Myburgh, Former Head Financial Markets Department, South African Reserve Bank (SARB), PretoriaThis is an immensely timely book at a time when central bank operations, and their balance sheets, remain “larger for longer”. Following the Financial Crisis 10 years ago, and with the Covid-19 Recession about to break, central bank balance sheets are at the forefront of the authorities’ response to economic issues as never before. Yet the management of their now large-scale assets remains a little known and little studied area. The authors of this book combine extensive technical and practical experience, and their observations will fill an important gap in the literature at a critical time. —Freyr Hermannsson, Former Head of Treasury, Central Bank of Iceland, Reykjavík

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