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Boomerang
Book

Boomerang

Travels in the New Third World

W.W. Norton, 2012 more...

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Editorial Rating

9

Qualities

  • Innovative

Recommendation

As the euro zone grapples with the repercussions of the 2008 financial crisis – with debtor nations jockeying to end austerity and powerhouse Germany unwilling to bend – financial journalist and expert wordsmith Michael Lewis looks back to see how it all began. His 2011 tours through Iceland, Ireland, Greece and Germany throw helpful, entertaining illumination on the irresponsible – or out-and-out strange – behavior that got Europe into such a lasting jam. Lewis’s wry and highly readable travelogue hinges on individual stories and features Europeans’ memorable expressions of disgust, defiance and sheepishness. His visit to suburban California at the end of the book will disturb your sleep for months to come. There is one comfort: You will thoroughly enjoy how well Lewis writes. getAbstract recommends his bestseller to anyone concerned about the world’s future financial health. Revisit the start of the meltdown, and see how far (or not) the world economy has come.

Take-Aways

  • American investment banks convinced Iceland to finance purchases with borrowed foreign currencies; when Iceland’s economic bubble burst, crisis followed.
  • Real estate became the best place for Greeks to hide their assets, because the country “has no…national land registry.”
  • No one knows how much debt built up as a result of Greece’s financial meltdown.

About the Author

Michael Lewis, the best-selling author of Moneyball and Liar’s Poker, has also written for Vanity Fair, The New York Times and Slate.


Comment on this summary or Start Discussion

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    S. D. 10 years ago
    In time of crisis you get to know your strength and friend
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    A. M. 10 years ago
    Amazing Read
  • Avatar
    C. T. 10 years ago
    Well done!

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