Boomerang: Travels in the New Third World

The stupidity of power and the financial illiteracy of many citizens is not a unique Russian phenomenon—similar things happen in Europe too. The world-famous journalist Michael Lewis investigated the causes of economic problems in European countries, and what he writes is astonishing. Just imagine: Icelandic fishermen got tired of their ancient trade and decided they were perfectly qualified in banking, so they turned the country into a hedge fund—which collapsed catastrophically. In Greece, where tax fraud reached fantastic levels, monasteries became the soul of corruption, and the government effectively didn’t keep track of expenses; public debt reached $1.2 trillion. In Ireland, the stream of cheap foreign money sparked a real estate boom, the economy started to resemble a giant pyramid—and the country went bankrupt. And then Germany became the largest creditor to the bankrupt countries. As always, Michael Lewis turns what seems like boring and complicated material into an exciting novel with gripping scenes and vivid characters.