Download Mobi Boomerang: Travels in the New Third World By Michael Lewis
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Ebook About As Pogo once said, "We have met the enemy and he is us."The tsunami of cheap credit that rolled across the planet between 2002 and 2008 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.Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a piñata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.Book Boomerang: Travels in the New Third World Review :
I first read Boomerang in 2011. Michael Lewis is a funny, politically incorrect satirist, and he understands finance. He reviews some of the casualties of the 2008 Financial Crises. He visits Greece, Iceland, Ireland, Germany, and California. It was entertaining to read about the stupidity of foreigners. Reading it again seven years later, I feel less comfortable with Lewis’s analysis. In his world, everyone is either a shark or a mark. He does not have much sympathy for the marks. He also seems overly impressed with bankers, despite the havoc they regularly cause. He almost seems unaware that the financial crisis damaged Wall Street's reputation for honesty, integrity, and competence.Lewis insults everybody and mocks Europeans aspirations to imitate Wall Street. He visits Iceland (“they have a feral streak in them”). He pokes fun at the lack of sophistication among the country’s financial elites, not just the fishermen turned investment bankers, but the under-qualified regulators. Icelanders amassed debts amounting to 850 percent of their GDP.Lewis claims the Greeks are selfish and can’t say anything nice about each other: “The epidemic of lying and cheating and stealing makes any sort of civic life impossible.” Ireland's property bust was caused by Irishmen using foreign money to buy Ireland from one another. He likes the Germans but is perplexed by their national obsession with excrement. He ends up in California, where the vast liabilities for public-sector pensions have started to turn a city authority such as San Jose into little more than “a vehicle to pay the retirement costs of its former workers.”Lewis suggests that the Greeks brought their demise on themselves. He argues that Greece suffered a “total moral collapse.” He claims: "In Greece, the banks didn't sink the country. The country sank the banks." He discovered that the average government job paid almost three times the average private-sector job. The Greek public-school system is one of the lowest-ranked systems in Europe, it nonetheless employs four times as many teachers per pupil as the highest-ranked, Finland. Nobody in Greece paid their taxes. The railway system cost €700m a year to run, earns revenues of €100m, and the average salary is €65,000. Why should taxpayers in other countries pick up the tab? Lewis is morally outraged and implies that the Greeks deserved to be punished. He does not focus on the role played by Goldman Sachs in advising the Greek government. They helped "cook the books" to get Greece into the eurozone. This enabled Greece to borrow a lot of money at very low interest rates.Lewis explains why everybody was worried about a Greek default: “If Greece walks away from $400 billion in debt, then the European banks that lent the money will go down.” This would destabilize the regional and world economies further. He also explains why taxpayers in Germany are reluctant to bail out other countries they regard as profligate, indolent and irresponsible. In my experience, the Germans make great cars, but they are terrible bankers. The criticism on Wall Street, when I was there, was that they could not price risk and they were gullible. As Lewis points out the German banks were the last to stop buying sub-prime debt. He tells us they bought a lot of “toxic waste” from Wall Street and they did not evaluate the risks properly. A number of their banks went bust after the financial crises.The 2010 Greek debt crisis was eased by an international bailout, which was primarily focused on saving the banks, not Greece. New money was lent by the infamous Troika (i.e., The European Commission, the IMF, and the European Central Bank) to pay off the old bills. The banks were consequently made whole, with 90% of the money from the new loans passing through Greece right back to the banks. Most of the banks were German. Greece was asked to spend less, tax more, and restructure the public sector. This led to an economic contraction. The Greeks lost 30% of their GDP and unemployment is still 19%. Poverty, homelessness, suicide—all rose. Greece became virtually a Third World Country.While the Greeks suffered, the European banks mostly escaped punishment for their irresponsible lending. The welfare state was dismantled in Greece and old people had their pensions cut. It is a familiar routine. When lenders and borrowers are in conflict, it is the borrowers who suffer. European banks were doing what banks are supposed to do, lending. But by doing so without caution they were doing exactly what banks are not supposed to do, lend recklessly.Lewis seems to sympathize with the banks and the Germans. The Germans believed that the solution to the 2008 financial crises in the eurozone was austerity for Southern European countries like Greece. They imitated Herbert Hoover during the Great Depression. According to Mark Blyth who teaches economics at Brown, the correct solution was probably a dose of Keynesian economics, which means more government spending during a recession. The Germans have forgotten that Hitler reduced German unemployment from 6 million to 1 million in the 1930s, by increasing government spending. For the Germans and Lewis, Greece became a morality play. The Germans also wanted to protect their incompetent bankers. Joe Stiglitz is a Nobel prize winner and Columbia economics professor. In his book on the euro, Stiglitz states that Greece became Germany's victim.In discussing the euro, Lewis 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?" Lewis does not seem to understand that Germany gets significant benefits from a “cheap” euro. It has an export-led economy and has run-up trade surpluses with its neighbors and the U.S. Because Germany shares the euro with poorer countries like Portugal and Greece, its currency is cheaper than it would otherwise be. The Washington Post claims that a return to the old national currency, the Deutsche Mark, would mean an increase in valuation of about 20 percent. Germany has a $65 billion trade surplus with the U.S. because Americans are incentivized to buy German products, partly because they are made artificially cheap by a low exchange rate.Lewis made his name as a writer with Liar’s Poker in 1989. It is based on his time as a bond trader for the investment bank Salomon Brothers. It is a brilliant expose on the excesses of Wall Street in the 1980s. It features characters like John Meriwether who was Salomon’s top trader at the time. In 1998, Meriwether and his former Salomon team nearly brought down the global financial system. They had founded a hedge fund called, Long Term Capital Management which went bust and was bailed out by the big American banks. A Wall Street veteran called Chris Arnade claimed that when he was a banker at Salomon in the 1990s that he designed and sold complex financial products which had huge profit margins for his bank. He sold them to small Japanese banks, which were eventually driven out of business. These derivatives were known as “toxic waste” on Wall Street. There was something antisocial about the "take no prisoners" Wall Street culture, where short term profits trumped the greater good.Foreigners are now aware that they should be careful when American bankers offer to sell them financial products. Every few years, the banks threaten to bring down the world economy with their greed and irresponsible behavior. Lewis does not really blame the bankers, boys will be boys. However, something has to change, and we need stronger regulation. I wish everyone would read this book. I thought it might be a bit outdated, since it describes events that happened during the 2008 financial collapse. Unfortunately, everything in this book applies today as much as it did 8 years ago. This is a bottom-line view of how countries go crazy and throw themselves into bankruptcy, and nobody seems to see it coming. I hope enough folks read it to save the USA from the same path. As always, Michael Lewis is a smart, funny guy who somehow makes economics the most entertaining subject on earth. 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