One of the benefits of having an Amazon Prime and a Amazon Kindle is that many Michael Lewis books are available to checkout as the Kindle lender’s program. Michael Lewis is one of my favorite authors as I have read some of his books before.
Boomerang started with stories of how Iceland turning from a fishing country to finance to bankruptcy, Greece’s financial problem, German’s reaction to the Euros, and ended with human greed that bankrupt a city in the United States.
The stories of how the public services of city workers bankrupt the cities in America is fascinating. The author pointed out it was human nature to get as much as possible from the scarce resources. How the city of Vallejo, California drove itself to bankrupt by the very same people who worked and lived there. At the end of the Vallejo story, it offered some hope that when everything went down to dust, hope rise.
When I was reading the Greece financial problem, I felt like I was reading about the finance condition now in China. It’s strikingly similar. The Greece’s tax ruled were in place, but there were no accountability in the government to execute those rules. Corruption in the system and the distrust between the government officials and citizens ran the country into bankruptcy and later into riots. It would be a good example for the Chinese government to learn from Greece and I hope China will not follow the same path as Greece.