If your hand is empty, trash this card and draw three cards. (You can only reshuffle once per main phase.)
Discard your hand at the end of the main phase.
RedBlood Magic

Card-Specific Rulings
Desperation only draws cards if it's the only card in your hand before you play it. By the time it checks whether your hand it empty, it won't be in your hand anymore. — sharpo
You discard your hand before the draw/discard phase. So normally you'll discard your hand, then discard 0 and draw 2. — sharpo