The World Is Curved: Hidden Dangers to the Global Economy

very disappointing - false advertising

I bought this book because of all the glowing endorsements by people like Alan Greenspan promising that this book will shed light on what's going on financially. It doesn't. It's mostly fluff, and will not add to your understanding of the mysteries of high finance. Worse, it'll probably discourage you from further investigation. Rather than shed light on things, the author basically keeps repeating that the economy is so complex that even the experts don't understand it 'wait - I thought YOU were an expert, and we're going to explain it to us, no?' and also very fragile, so we peons better not try to mess with it or all hell will break loose we'd best leave it to the big boys to take care of. Well excuse me, but the big boys 'the individuals who run the Fed and Treasury departments, Fannie & Freddie, the regulatory agencies, the credit rating agencies, the investment banks, the mortgage lenders, etc.' are the ones who created this mess, not we little people, and they created it deliberately in order to screw the middle class by transferring even more wealth from our pockets to theirs. The author also repeatedly warns about the dangers of 'class warfare'. But we're already in a class war - the elite started it about 25 years ago, when they began systematically dismantling the middle class. Since that time real wages for the vast majority of Americans have either stagnated or actually fallen. Only the top 5% 'people making over ~$300,000/yr' have seen any real gains, because they're the only ones who can afford significant stock investments. And the real gains have all gone to the top one tenth of 1% - people who make HUNDREDS OF MILLIONS or even BILLIONS in salary every year - these are your investment bankers, hedge fund managers, private equity guys, etc. Meanwhile, the middle class, including most doctors, lawyers and other professionals have been getting squeezed big-time: stagnant or falling real wages, competition from much cheaper foreign labor at all skill levels 'either immigrants or due to off-shoring', a falling dollar, skyrocketing inflation in education and health care expenses, food, oil, etc. Not that long ago, mom could stay home and raise the kids 'and cook delicious, nutritious meals, socialize with other moms, etc'. Now, most families HAVE to have two earners just to get by, everyone's stressed out, everybody's fat because of junk food, divorce rates have skyrocketed, etc. Even Warren Buffet says 'there is a class war, but my class started it, and my class is winning'. The author is right about one thing: middle class people do not hate the rich - we do not begrudge anyone their achievement and resulting wealth. What we do resent is that the system is unfair that we do not in fact have much of a 'meritocracy' at all. So much depends on luck - who your parents were, what schools they sent you to, how much love and support and guidance they gave you, the contacts they set you up with 'or that you made at the elite schools your parents got you into', etc. That means that the average American is pretty much screwed from birth to wage-slavery and never had a chance of participating in this fabulous creation of wealth. Instead, we work longer hours for less money, pay more for everything, and are constantly told that social security, Medicare and even our pensions will most likely not be there for us. This is all bad enough. But then to be told that WE'RE at fault for the mess we're in, and need to cough up trillions of dollars in taxes to bail out the billionaires? That's infuriating.

3 out of 5 people found this review helpful.

Strong Government - Not Deregulation

I strongly agree with the comments under the title of "very disappointing - false advertising" Author: Anonymous. In addition, a vibrant and prospering society needs a strong middle class (call in the Democrats) which should not be neglected; but has been for a while now. White collar jobs being outsourced overseas in the absence of any new adequate job replacement is definitely abandoning the middle class. Prices are sky rocketing (garlic press, etc. made in china, selling for 13.00 to 16.00 $) and we were told otherwise, is horrible. Excessive and unfair profiteering should not be the regulators. The rules of Adam Smith alone will not work, we need more government regulations (deregulation has failed so far) and involvement - that's a Strong Government, to protect the middle and upper classes, and the economy. Democrats are always coming to the rescue of all, even the rich. Thanks to the democrats we have had a happy society, especially the rich - are happy, think! We need social programs to help the poor (a little bit more $ (Taxes) from the rich); the rich will benefit more. I love the Democrats ¿ we are far ahead thinking.

2 out of 3 people found this review helpful.

Cutting edge analysis of the unfolding credit crisis

A must read for anyone wanting to understand what is going on in the world financial markets. Even though the book was just published, events in the financial markets are unfolding so quickly, that I would like to see an addendum to hear David's thoughts on Fannie and Freddie, Lehman and AIG, and the unprecedented actions taken by the Central Banks worldwide which led to the massive stock market rally on Sept 19th, 2008.

2 out of 2 people found this review helpful.

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