Boomerang

“Democracy destroys itself because it abuses its rights to freedom and equality. Because it teaches its citizens to consider audacity as a right, lawlessness as a freedom, abrasive speech as equality, and anarchy as progress.”  Isocrates (pg 81)  circa 400 BC

Micheal Lewis, wrote Boomerang, a quick study on horrible finances in four places. Iceland, Ireland, Greece, Germany & California.

It was quick and mostly fun, not so fun for the parts about Cali, for that hits a bit too close to home.

A warning, is when suddenly the economy starts doing something vastly different. For example, Ireland construction being 25% of GDP (as opposed to ~10% for most other nations), Irish banks growing at 30% ( usually 5-7%).

Basically, the book was kinda a bummer, and Lewis ends with “As idiotic as optimism can sometimes seem, it has a weird habit of paying off.” Srsly, you sepnd 220 pages on why and how we have messed up the world economy, and that’s your solution?

 

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