It's another Holocaust Memorial. Boomerang: Travels in the New Third World, Boomerang: Travels in the New Third World by Michael Lewis (2011-10-03). Access a free summary of Boomerang, by Michael Lewis and 20,000 other business, leadership and nonfiction books on getAbstract. 9. He seems most direct in describing the involvement of investment bank Goldman Sachs in Greece. Countries borrow not only the best practices, but the worst. It's also a major eye opener to the realities of how economies were managed in the selected European nations. Turn on desktop notifications for breaking stories about interest? Loved this book! ... Iceland, Spain, and others became parasites who wanted more and more money expecting Germany to save them. Sheila Dharmarajan discusses the Dow's second day in the green. It is sort of light hearted at times, but not sure the Greeks would like to read that they are all corrupt--top to bottom. ", Lewis makes other comparisons between the U.S. financial crisis and that of Iceland, the latter which economics professor Bob Aliber of the University of Chicago calls "the perfect bubble.". To get the free app, enter your mobile phone number. Charles Moore reviews Boomerang by Michael Lewis (Allen Lane). Lewis said the Icelandic financial crisis mirrored how the country's fishing industry took off in the early 1970s: "they privatized the fish," in which fishermen were assigned a quota based on past historical catches. Noting that, at a popular German mud-wrestling event, spectators are given rubber coverings to … The Author is a journalist and while the book does deal with economics, it should be very easy to read even for non-economists, it is also laced with jokes and funny anecdotes about the local cultures of the countries visited. THIS IS BRAND NEW BOOK.WE PROVIDE 100% CUSTOMER SATISFACTION. There was a problem loading your book clubs. Lewis' book takes a look at the financial disasters in the countries of Iceland, Ireland, Greece, Germany and then touches a little on the disaster in the US. Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free. It is not a study of the whys of the disaster, but more about the personality of the disasters in each country. "As idiotic as optimism sometimes seems, it has a weird habit of paying off." Ever since Iceland's three major banks, and thus its economic system, crashed in 2008, the country's massive debt has skyrocketed. [W.W. Norton; 2011] The first few pages of Michael Lewis’s latest book, Boomerang: Travels in the New Third World, introduce us to Kyle Bass, a hedge fund manager fresh off a successful $500 million bet against the subprime mortgage market. Prime members enjoy FREE Delivery and exclusive access to music, movies, TV shows, original audio series, and Kindle books. Reviewed in the United States on November 1, 2012. An extraordinary story, a must read for those who want to learn the after effects of the 2008 crunch/crash. Iceland, Ireland, Greece -- all of their profligacy came from Germany. There was an error retrieving your Wish Lists. In “Boomerang,” his latest book on the planet’s seemingly endless financial implosion, journalist Michael Lewis drops in on Iceland, Greece, Ireland and … I found the events leading up to the property bubble and subsequent burst in Ireland, particularly fascinating. ", Lewis takes another jab at financial architects when he writes that Icelanders "bought stakes in businesses they knew nothing about and told the people running them what to do – just like real American investment bankers! Lewis is direct in his criticism of governments' role in financial collapses, but never fails to point out the sins of the global banking sector. He asks "how did people who seem as intelligent and successful and honest and well-organized as the Germans allow themselves to be drawn into such a mess? Sept. 28, 2011 — -- Financial breakdowns and schemes can be found anywhere in the world: from the rocky tundra of Iceland, to the public sector of the Golden state, and in a secluded monastery in Greece. ", While describing the historical reminders all over Berlin of World War II and the Nazi era, Lewis writes "it's as if history stopped and assigned roles to people, and the Germans have been required to accept that they will always play the villain. ", By 2007, Lewis wrote that "Irish banks were lending 40 percent more to property developers alone than they had to the entire Irish population. an Absolutely brilliant read! Lewis also compared the desolate atmosphere in Reykjavik, Iceland's capital, to that of Manhattan just as the financial crisis began in the U.S. ", He writes: "The goal is to catch the maximum number of fish with minimum effort. American best-selling author Michael Lewis describes the most recent and devastating bubbles and bets in a part-travel, part-investigative financial journalism book, Boomerang: Travels in the New Third World. Once-wealthy nations such as Greece, Ireland, Iceland and Germany accrued gargantuan debts, causing governments, banks and other companies to crumble. They'd enjoy hearing someone try to explain it, even if that person didn't have any idea what he was talking about…" he wrote. Lewis does write that "one of the causes of the current global financial crisis is that the people who saw it coming had more to gain from it by taking short positions than they did by trying to publicize the problem. In January 2009 & Co., Inc., New York, 2011 bought the on. 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