Boomerang: Travels in the New Third World

By Michael Lewis

Categories: Business & Money, Politics & Social Sciences

Boomerang (2011) follows Michael Lewis to the countries hit hardest by the cheap credit behind the 2008 financial crisis. He visits Iceland, where fishermen became investment bankers, Greece, where the state ran up huge hidden debts, Ireland, whose banks collapsed after a property boom, and Germany, whose banks lent to them all. He ends in California, where cities such as Vallejo and San Jose were going broke, and shows how the debt crisis moved from banks to governments.

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• Fareed Zakaria: “In journalism, Michael Lewis, who writes like an angel but also has a sharp, perceptive mind.”