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. "Here, in 2001, entered Goldman Sachs, which engaged in a series of apparently legal but nonetheless repellent deals designed to hide the Greek government's true level of indebtedness," he wrote. Both very informative and humorous, it provides a deeper insight into why countries fell apart economically. 3. Ever since Iceland's three major banks, and thus its economic system, crashed in 2008, the country's massive debt has skyrocketed. The information is presented in such a compact manner and makes for very easy reading. In his fourth chapter, the Secret Lives of Germans, Lewis describes and questions the role of Germany as the sane economy in the unstable Eurozone. Loved this book! Left alone in a dark room with a pile of money, the Irish decided what they really wanted to do with it was buy Ireland. Would like to have seen Spain, Italy and Portugal included also. 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. ", Lewis is brutal in his criticism of Icelanders' role in the country's financial collapse, writing "almost certainly Iceland will adopt the euro as its currency, and the krona will cease to exist. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Jane Austen transformed this effervescent tale of rural romance into a witty, shrewdly observed satire of English country life. Reviewed in the United Kingdom on December 18, 2014. an Absolutely brilliant read! 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. 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. "Foreigners entrusted their capital to Iceland, and Iceland put it to good use, but then, on September 15, 2008, Lehman Brothers failed and foreigners panicked and demanded their capital back.". ", Lewis writes that Irish banks had avoided lending to American subprime borrowers but "all of Ireland had become subprime.". He finds her response shocking yet vaguely familiar. The debts of Irish banks were private, "owed by them to investors around the world – and still the Irish people have undertaken to repay them as if they were under obligations of the state. Reviewed in the United States on August 31, 2016. Iceland, Ireland, Greece -- all of their profligacy came from Germany. Reviewed in the United States on October 12, 2012. Reviewed in the United States on November 1, 2012. There was a problem loading your book clubs. Boomerang: Travels in the New Third World, Boomerang: Travels in the New Third World by Michael Lewis (2011-10-03). Your recently viewed items and featured recommendations, Select the department you want to search in. 213 pp. To attain it, you need government intervention. ", 24/7 coverage of breaking news and live events. Later that year, the government created the National Asset Management Agency, "the Irish version of the Troubled Asset Relief Program (TARP), but, unlike the U.S. government, actually followed through, and bought 80 billion euros' worth of crappy assets from the Irish banks.". Now Iceland has the world's first openly gay head of state, and the country's first female prime minister, Jóhanna Sigurðardóttir. 0 likes. The best part is, without doubt, Michael Lewis's (ML) description of Iceland and its travails as the "investment banking nation". He seems most direct in describing the involvement of investment bank Goldman Sachs in Greece. In an interview with the finance minister, now minister for the environment, energy and climate change, Lewis asks how the country's budget figures and other bookkeeping had been fudged. "Scandal after scandal poured forth. Judge rejects Trump Organization's claim of privilege to shield documents from NY AG, 5 years and counting: Ex-treasure hunter still stuck in jail, Kizzmekia Corbett praised as key scientist behind COVID-19 vaccine, Biden plays hardball as he seeks a mandate: The Note. ", 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.". It's a device for flushing away the past. 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