Boomerang: Travels in the New Third World Author: Michael Lewis | Language: English | ISBN:
B005CRQ2OE | Format: PDF
Boomerang: Travels in the New Third World Description
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.
- File Size: 1336 KB
- Print Length: 241 pages
- Page Numbers Source ISBN: 0393081818
- Publisher: W. W. Norton & Company; 1 edition (September 28, 2011)
- Sold by: Amazon Digital Services, Inc.
- Language: English
- ASIN: B005CRQ2OE
- Text-to-Speech: Not enabled
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- Lending: Not Enabled
- Amazon Best Sellers Rank: #15,211 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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in Kindle Store > Kindle eBooks > Business & Money > Economics > Economic History
- #1
in Books > Travel > Specialty Travel > Business Travel - #2
in Kindle Store > Kindle eBooks > Business & Money > International > Economics - #6
in Kindle Store > Kindle eBooks > Business & Money > Economics > Economic History
I admit to being a fan of Michael Lewis' books, so take that into consideration as you read this review. Lewis earned a masters degree in economics from the London School of Economics and went to work as a bond trader for Salomon Brothers before its scandals. His education and investment experience qualified him to write "Liar's Poker" in 1989, though I have no idea what qualified him to write such an entertaining and lucid description of the Wall Street culture of that time. Subsequently, I have read Lewis' "Moneyball" (in 2003), "The Blind Side" (in 2006), and "The Big Short" (in 2010). All of these books are very easy to read and hard to put down. They tell well-researched, interesting stories. In the case of "The Big Short" it helps to illuminate the origins of the financial crisis that broke starting in 2007.
In Lewis' latest book, "Boomerang," the subtitle is, "Travels in the New Third World." Lewis is not referring to Asian or Latin American countries here. He's talking about European countries that drank the elixir of seemingly endless and cheap credit prior to the bursting of the recent financial bubble. To say that cheap credit transformed the economies in Greece, Ireland and Iceland, for example, is to understate the impact of the financial bubble on these countries. Talk about a timely book--I am writing this during September 2011, and yet this book refers to the recent downgrade of U.S. debt, which occured only last month, beginning on page 171.
As in many of Lewis' books, there's a new person who you probably never heard of before to meet. In "Moneyball" it was Billy Beane, the general manager of the Oakland Athletics baseball team, and in "The Big Short" it was Steve Eisman, Michael Burry and others.
Instead of reading the articles in Vanity Fair, I bought the book and found it a completely comfortable ride through the the countryside of some unbelievable places. You don't get any detailed view of things, sort of like having lightning flashes as you ride along, but the scenes are startling and make you reflect in ways that I would have wanted Lewis to do. Instead you just see his grotesque mask - like smile reflected in the windows. His analyses are fun, but misleadingly shallow. These three countries' slide into bankruptcy - Iceland, Ireland, Greekland - are amazing stories that seem completely unreal, even science fiction at times; but Lewis provides no real understanding for what went on and what will happen in the future. AS he points out, Germany seems the key to which direction the bailout of Greece will take, and whether or not the international economy will take another post-Lehman-like dive; but instead of giving us the real dirt on Germany's intentions, he diverts us with entertaining but highly irrelevant side trip into their fascination with feces and coprophilia. After all, what really distinguishes the fleissig hard working Germans from the Greek and Irish seems to have more to do with their determined trust and cooperation with each other, more like the other scandinavians, than with prurient coprophilia. How did they become so trusting - was it the utter devastation of WWII and the enormous hangover of guilt from the Nazi era? What taught them to be so rulebound that they demand ubiquitous order in all things?Was it the utter devastation and disorder of the black market?
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