Boomerang, Michael Lewis 2011
Whoa. Wanna be scared stiff? Then read this page turner by the author of the Big Short and Moneyball. Lewis uses great images and convincing specific personal details to show how 20th C man has taken leave of his senses consumed by self-interest, greed, avarice, and self-delusion. Tracing the collapse of banking systems and governments from Iceland (where they borrowed foreign money to make stupid foreign investments), to Greece (where the public sector is bloated and corrupt and everyone cheats on their taxes), to Ireland (which invested their own money in their own real estate bubble and then shifted the risk from the bondholders to the citizens), to Germany (where as long as the rules were specific and logical, banks kept investing in fraudulent schemes), to California, especially Vallejo where nobody wants to pay the tapes or reform the public employee pensions which are consuming every dollar. It’s a scary story for the individual investor, lied to, manipulated and screwed by the big-guys who generally get off free and rich. Terrific story teller.