Thursday, May 30, 2013
Review of Michael Lewis's "Boomerang: Travels in the New Third World"
I think he's particularly unfair to the Germans, as indeed so many others are. Once you get passed all the shit stuff, what the Germans really stand accused of is believing the ratings agencies. If they shouldn't have, then surely the offence is with them rather than with Germany's modest, local banking system.
And it's funny the way that the final chapter, about America, has to end on a note of optimism, even though just a few pages earlier he was lambasting the 'something will turn up' attitude that allowed so many people to indulge in so much stupidity. I don't think Americans are aware of just how ingrained this need to find a bright note to end on is part of their national character. Optimism is nice, but stupid faith that something will turn up is actually dis-empowering and in itself leads to more bad decisions.
Still a very good read though.