Countries borrow not only the best practices, but the worst. This is the tale his journey to Iceland, Greece, Ireland, Germany and California the nadir of municipal financing, in search of answers as to why did these countries and state make such an horrendous mess of their banking systems and economies, and in typical Michael Lewis fashion does so in an unusual, sometimes roundabout, amusing but nevertheless cogent and very perceptive manner. 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. 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. Its irrational....One night I happened to notice, my wife,who reads a great deal more than I, had put Boomerang on my reading table,so I idly picked it up a few days ago and am only just finished reading it now. Lewis writes that like bankers, fishers' "overconfidence leads them to impoverish not just themselves but also their fishing grounds. Lucid, concise, and witty:sobering Sovereign and Bank debt statistics, Reviewed in the United Kingdom on November 4, 2011. He finds her response shocking yet vaguely familiar. "Their real estate boom had the flavor of a family lie: it was sustainable so long as it went unquestioned and it went unquestioned so long as it appeared sustainable. Lewis describes the origins of Iceland's economic collapse, which included deregulation and the the privatization of its major banks. 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. "In Athens, I several times had a feeling new to me as a journalist: a complete lack of interest in what was obviously shocking material," Lewis wrote, describing his many interviews with bankers, tax collectors and a former member of parliament. Reviewed in the United Kingdom on December 18, 2014. an Absolutely brilliant read! 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. The scary part for the average man in the street is that the "lone voices of reason" who spoke out about what had become very common financial practices, were made a mockery of. 'Boomerang' tours the financial hits the U.S. and European economies have taken. In Iceland… It’s easy to read, well written, and covers the material well. Turn on desktop notifications for breaking stories about interest? Jane Austen transformed this effervescent tale of rural romance into a witty, shrewdly observed satire of English country life. Previous page of related Sponsored Products. 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. By Charles Moore. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Boomerang: The Biggest Bust by Michael Lewis This is the kind of book in which Michael Lewis excels. It's also a major eye opener to the realities of how economies were managed in the selected European nations. 'A highly enjoyable exercise in financial disaster tourism... politically incorrect, often very funny, and shot through with genuine insight' Robert Harris, The Times In this hilarious, fascinating, timely must-read, Michael Lewis reveals the true natures of the countries caught up in - and exacerbating - our boomerang economies, showing how the financial meltdown hit us all in the face. ", 24/7 coverage of breaking news and live events. When Iceland became a tourist in global high finance it had the same problem as Neil Armstrong.” ― Michael Lewis, Boomerang: Travels in the New Third World. It's another Holocaust Memorial. Loved this book! Californian Governor Arnold Schwarzenegger Photo: Getty. 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. But it seems that the subprime mortgage crisis was more symptom than cause. Michael Lewis is a superb writer. Lewis writes "one of the distinctive traits about Iceland's disaster, and Wall Street's, is how little women had to do with it." To get the free app, enter your mobile phone number. It makes you wonder what hope there is for the continuation of the Eurozone as it currently functions. In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading. Access a free summary of Boomerang, by Michael Lewis and 20,000 other business, leadership and nonfiction books on getAbstract. The cornerstone of Iceland's economy have been fishing and energy, which begged the question how and why Icelandic financiers "who had no experience in finance were taking out tens of billions of dollars in short-term loans from abroad.". "There was no independent statistical service.". A masterful account of today's money culture, showing how the underpricing of risk leads to catastrophe. "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.". "Here is yet another way in which Iceland echoed the American model: all sorts of people, none of them Icelandic, tried to tell them they had a problem.". He interviews financial industry analysts, politicians, including a former Irish prime minister. ", He writes: "The goal is to catch the maximum number of fish with minimum effort. 213 pp. 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. Photo courtesy of W.W. Norton. The debt of Icelanders is 850 percent of GDP in a country the size of Kentucky, compared to the U.S., which reached 350 percent. Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. This parasite- host relation is one that the German people might have to consider cutting off and simply let the European Union fail and let nations and banks go into default. Here are ten lessons for the U.S. that can be gleaned from his book, which will be released Oct. 3. Allen Lane, pp. As members of the European Union debate over a bailout package for Greece, which is on the brink of a default, bystanders scratch their heads over the genesis of its debt problems. Those include a widespread practice of citizens and companies avoiding taxes with nary a slap on the wrist. Once-wealthy nations such as Greece, Ireland, Iceland and Germany accrued gargantuan debts, causing governments, banks and other companies to crumble. Reviewed in the United States on February 8, 2015. Please try again. Lewis describes his observations of the male-dominated fishing and finance industry, the latter which has changed its tide since the crash. An extraordinary story, a must read for those who want to learn the after effects of the 2008 crunch/crash. In 'Boomerang', Michael Lewis explains the details of how and why this happened, visiting the worst-affected countries The events that followed have been widely reported. ", 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. "Not everything in Iceland is different from other places". But the PIIIGS of Europe is bigger than Greece, Ireland, Iceland and German bankers. Now in his new book, ‘Boomerang,’ released October 3 and drawn from articles he penned for Vanity Fair, Michael Lewis once again encapsulates the lunacy and abandon that ran rampant in banks, institutions, governments, and the common man, … Michael Lewis is a good writer, a little cynical sometimes and also a king at spotting hilarious behavior in the financial world; in the case of boomerang, he describes four contenders for the Big joke award, being Iceland,Greece,Ireland and Germany. You're listening to a sample of the Audible audio edition. Silk Road Internet Address & Password Logbook (removable cover band for security), All Terrain Waterproof Notebooks (set of 3) (Dot Grid Pattern), Sloths 3-D Bookmark (Lenticular Bookmark), Bamboo Recipe Box Set (includes 50 recipe cards and 24 dividers), Pride and Prejudice (Dover Thrift Editions), Wolves 3-D Bookmark (Lenticular Bookmark). Michael Lewis. THIS IS BRAND NEW BOOK.WE PROVIDE 100% CUSTOMER SATISFACTION. Reviewed in the United Kingdom on November 18, 2013, Boomerang: The Biggest Bust by Michael Lewis, Forgiveness is Power: A User's Guide to Why and How to Forgive, Reviewed in the United Kingdom on October 20, 2011. 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? Michael Lewis possesses the rare storyteller’s ability to make virtually any subject both lucid and compelling. Your recently viewed items and featured recommendations, Select the department you want to search in. He also visits Germany, whose potential to bail out its neighbors is Europe's last best hope, and returns, finally, to his native California, … W.W. Norton & Co., Inc., New York, 2011. The present book is in some respects a sequel to the previous book by the author 'The Big Short' which described the collapse of the subprime mortgage market and the resulting Banking debt crisis in the United States. Lewis also compares Ireland's financial disaster with that of Iceland's: "It was created by the sort of men who ignore their wives' suggestions that maybe they should stop and ask for directions, for instance.". You don't need to be financially literate to get through this book successfully. Boomerang,#outlining#the#reasonfor#the#financial#crisis#in#5countries.#These#countries#included:Iceland, Greece,#Ireland,#Germany,#and#the#US.#I#have#to#say#that#I#was#generally#disappointed.#Where#Michael#Lewis# isusually#skilled#to#use#anecdotes#to#build#up#characters#and#afun#story,#most#anecdotes#in#Boomerang# [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. A highly entertaining and mind-opening world tour, Reviewed in the United States on October 16, 2011. The bit-part characters behind the world's current, and still evolving, financial debacles seem so absurd that you would think this book, 'Boomerang: The Meltdown Tour,' was a novel; a humor piece, not a true story; not really non-fiction. 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. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. Iceland wasn't alone in its mid-decade feeding frenzy, as Michael Lewis, author of "Moneyball," shows in his new book, "Boomerang: Travels in the New Third World." 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. Now Iceland has the world's first openly gay head of state, and the country's first female prime minister, Jóhanna Sigurðardóttir. I like the book, and i knocked it over pretty quick. Fishermen are a lot like American investment bankers. ", The Irish government nationalized Anglo Irish Bank and its losses of 34 billion euros in January 2009. The unabridged, downloadable audiobook edition of Boomerang: The Meltdown Tour, Michael Lewis' brilliant tragi-comic romp across post-crash Europe. Published on Jul 29, 2012 Boomerang is a brilliantly funny, insightful book on the global financial crisis by Michael Lewis. Quite a concern really. "Otherwise sound Irish borrowers had been rendered unsound by the size of the loans they had taken out to buy inflated Irish property," Lewis wrote. 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. To research for his new book, Boomerang, Lewis went on what he has called a "financial disaster tour." Some grotesque silicone version of his country 's debt problems: Travels in the selected nations. 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