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Boomerang Summary

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Boomerang SummaryTravels in the New Third World

If you wonder how the 2008 financial crisis began, search no more: Michael Lewis will give you the details.

And we will summarize the essence of his book on this very topic in our usual 1000 words.

Who Should Read “Boomerang”? And Why?

“Boomerang” is a book that looks back in time and explores the reasons the 2008 financial crisis began.

We recommend this gripping bestseller to anyone interested in finance, and concerned about the future. Look back at where the world was, and see for yourself how far it has come.

About Michael Lewis

Michael LewisMichael Lewis is a bestselling author who has also written for The New York Times, Vanity Fair and Slate.

“Boomerang Summary”

Iceland

Iceland turned into an unexpected participant into the economic bubble that burst in 2008.

How did it all start?

Well, Iceland’s banks held just a couple of billion dollars in 2003, yet by 2006-2007, their assets increased reaching almost $150 billion. This sum was many times higher than the country’s GDP.

This expansion denoted “the most rapid expansion of a banking system in the history of mankind.”

When the global economic meltdown started, Iceland’s banks lost $100 billion, which could be roughly translated to $330,000 for every citizen.

The banks piled on liabilities measuring up to 850% of the nation’s GDP.

Before 2008, Iceland’s economy has taken off as the value of the krona expanded.

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