Mr Lewis uncanny ability to weave stories into a sharp-edged narrative gives people a full understanding of the fiscal recklessness in Europe. The picture of the growing debt problems and the imminent risks they pose to the world were clearly highlighted. The sad truth is that financial breakdowns and schemes are evident in most parts of the world. The devastating bubbles can no longer be swept under the carpet as it was done in the years preceding 2008.
Lewis who is the author of The Big Short, The Blind Side and Moneyball writes the stories of these economic woes in a way that resonates with the realities in America. There are a few points that drive home the essence of the crisis and they will be highlighted in relation to the economic contexts in today’s world.
It is evident that the country of Greece destroyed its banks! The raging debate about the bailout package for Greece among members of the European Union …show more content…
The fishes were privatized and fishermen were given a quota based on their previous historical catches. The over-confidence of the fishers and bankers leads them to impoverish themselves and their fishing grounds. The goal is to use the least effort to catch the maximum number of fish. In order to make this happen, there is the need for government intervention. This posits that countries that truly want to do well fiscally must be disciplined about running a system that follows globally accepted rules that generate the right