10 Economic Lessons From Michael Lewis' Boomerang


The Irish government nationalized Anglo Irish Bank and its losses of 34 billion euros in January 2009. Later that year, the government created the National Asset Management Agency, "the Irish version of the Troubled Asset Relief Program (TARP), but, unlike the U.S. government, actually followed through, and bought 80 billion euros' worth of crappy assets from the Irish banks."

10. When everyone is guilty, no one is.

In his fourth chapter, the Secret Lives of Germans, Lewis describes and questions the role of Germany as the sane economy in the unstable Eurozone.

He asks "how did people who seem as intelligent and successful and honest and well-organized as the Germans allow themselves to be drawn into such a mess?"

While describing the historical reminders all over Berlin of World War II and the Nazi era, Lewis writes "it's as if history stopped and assigned roles to people, and the Germans have been required to accept that they will always play the villain."

He writes that for the Germans "the euro isn't just a currency. It's a device for flushing away the past. It's another Holocaust Memorial."

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