Boomerang: Travels in the New Third World — When Private Risk Becomes Public Debt
What happens when the financial system prevents a collapse by moving the losses somewhere else?
Welcome to Crisis in Perception, where we examine the systems shaping our world.
Using Boomerang: Travels in the New Third World by Michael Lewis as our lens, this investigation follows the global aftermath of the credit boom and asks how private financial risk became entangled with governments, taxpayers, creditors, and public institutions.
Lewis moves through Iceland, Greece, Ireland, Germany, and the United States, revealing different expressions of a common mechanism. Cheap credit encouraged…
The skinny
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