Renowned journalist and author of ‘The Big Short’, ‘Moneyball’ and ‘Liar’s Poker’ Michael Lewis is back with this short compelling tale of the sovereign debt crisis plaguing the Core nations! With his typical wit and fascinating storytelling skills, Lewis brings the reader on a journey through his experiences in the United States, Iceland, Greece, Ireland and Germany with his many interviews of people including Iceland’s ex prime minister Geir Haarde, hedge fund manager Kyle Bass and German deputy minister of finance, Jörg Asmussen.
Lewis follows the journey of cheap credit that rolled across the planet following the Dot Com bust and the NASDAQ crash all the way to the post Lehman Brothers’ collapse. He argues that this tsunami of cheap credit 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.”
‘Boomerang’ is a wonderful and easy read and it offers an insight into the governments handling their sovereign debt issues ever since they take on the support of the failed financial institutions in the aftermath of the 2008 Credit Crunch. Lewis is on the ground, and he explains succinctly and avidly for the layman on the street, offering all a chance to understand this issue as it is. One could also get a hint from Lewis on the increasing lack of confidence of the solvency of the PIGS that is manifested by investors’ sentiment in the financial markets. However, it might not be in depth enough for the serious reader of finance and economics who is seeking to understand these prevalent issues.
With cynical jokes, political incorrectness and his lucid style, this book would be enjoyed by anyone of any age. It is no wonder why it is a New York Times bestseller. Highly recommended!
Ferdinand’s Rating: 4/5
An Intellectual Journey with Ferdinand 