Boomerang: Travels in the New Third World
As Pogo once said, "We have met the enemy and he is us."The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not... show more
As Pogo once said, "We have met the enemy and he is us."The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge. Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a piñata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish. Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.
Publish date: October 3rd 2011
Publisher: W. W. Norton & Company
Pages no: 213
Edition language: English
, Book Club
Michael Lewis has the gift of gab! His book on the financial crisis (the economic debacle that hit the United States and Europe, that almost brought the whole world down and of which we are not yet out of the woods), is so easy to read and so filled with wit that one forgets the horrific images of t...
At 48mins 31secs - ye geezer states that Iceland will drop the kroner in favour of the Euro - wrong - Iceland is not in the EU. It works through Norway and both have trade agreements with the EU. Neither are full members.Iceland now wants to be ((candidate list)no financial surprise) and Norway stro...
I thought this was an interesting book. Lewis travels to various places affected by the bank collapse of 2008. He visits Iceland, Greece, Ireland, Germany, and also covers the US, or at least, California. He has a theory that each culture does something different "in the dark" when they suddenly h...
Boomerang: Travels in the New Third World gets 4 Stars but could have been much better. An offshoot of his The Big Short: Inside the Doomsday Machine, he gives us the financial shenanigans of the world during 2002-2008, the time of the financial crisis in the US. Not only the US went crazy with seem...
This is a great book for anyone who wants to understand what behaviors caused the debt crises in various nations but does not have a background in finance or economics. It's not a very technical book. It studies several countries or other places that were and still are key to the debt crises in Euro...