David M. Smick - The World Is Curved: Hidden Dangers to the Global Economy
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The World Is Curved: Hidden Dangers to the Global Economy: summary, description and annotation
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David Smick keeps a low profile, but experts consider him one of the most insightful financial market strategists in the world. For more than two decades, he has conferred with central bankers (such as Alan Greenspan and Ben Bernanke) and advised top Wall Street executives and investors, from George Soros to Michael Steinhardt to Stan Druckenmiller. Political leaders (from Bill Bradley to Jack Kemp) have regularly sought his policy advice.
The World Is Curved picks up where Thomas Friedmans The World Is Flat left off, taking readers on an insiders tour through the private offices of central bankers, finance ministers, even prime ministers. Smick reveals how todays risky environment came to be--and why the mortgage mess is a symptom of potentially far more devastating trouble. He wrestles with the two questions on everyones mind: How bad could things really get in todays volatile economy? And what can we do about it?
Drawing on riveting anecdotes in language anyone can understand, Smick explains:
Why the churning cauldron we call China (the next great bubble to burst) represents a powerful threat to everyones pocketbook How Japanese housewives have taken control of their nations savings, and why it matters to us How greed-driven bankers and investment bankers have put everyones pensions and 401(k)s at risk Why todays incredible shrinking central banks may not be able to save us when the next crisis hits Why the big-money Russian, Chinese, Saudi, and Dubai sovereign wealth funds represent a tectonic shift in global financial power, away from the United States, Europe, and Japan Why the world desperately needs a big think financial doctrine to guide todays dangerous ocean of moneyThe World Is Curved is the rare book that speaks simultaneously to the Wall Street, Washington, and London elite, yet its apt storytelling shows Main Street readers how to survive in these turbulent times.
The World Is Curved picks up where Thomas Friedmans The World Is Flat left off, taking readers on an insiders tour through the private offices of central bankers, finance ministers, even prime ministers. Smick reveals how todays risky environment came to be--and why the mortgage mess is a symptom of potentially far more devastating trouble. He wrestles with the two questions on everyones mind: How bad could things really get in todays volatile economy? And what can we do about it?
Drawing on riveting anecdotes in language anyone can understand, Smick explains:
Why the churning cauldron we call China (the next great bubble to burst) represents a powerful threat to everyones pocketbook How Japanese housewives have taken control of their nations savings, and why it matters to us How greed-driven bankers and investment bankers have put everyones pensions and 401(k)s at risk Why todays incredible shrinking central banks may not be able to save us when the next crisis hits Why the big-money Russian, Chinese, Saudi, and Dubai sovereign wealth funds represent a tectonic shift in global financial power, away from the United States, Europe, and Japan Why the world desperately needs a big think financial doctrine to guide todays dangerous ocean of moneyThe World Is Curved is the rare book that speaks simultaneously to the Wall Street, Washington, and London elite, yet its apt storytelling shows Main Street readers how to survive in these turbulent times.
David M. Smick: author's other books
Who wrote The World Is Curved: Hidden Dangers to the Global Economy? Find out the surname, the name of the author of the book and a list of all author's works by series.
David M. Smick
George Soros
Raghuram G. Rajan
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Table of Contents
Praise forThe World Is Curved
The World Is Curved presents a brilliant picture. It is a must-read for investors, policymakers, and anyone worried about the challenges facing todays global financial system.
Stan Druckenmiller, Duquesne Capital Management
David Smick, who founded The International Economy and made it into a highly respected magazine on world economic affairs, now offers us a trenchant and timely analysis of the downside of financial globalization. Capital flows are the soft underbelly of globalization, and no one who values the enormous benefits of globalization of trade and multinational direct investments can afford to miss out on reading this important book.
Jagdish Bhagwati, Columbia University; author of In Defense of Globalization
There are at least three reasons to read this book. First, it is an incredibly thoughtful insight into the workings of global finance, written by the ultimate insider in a highly engaging way that any reader of the New York Times could easily digest. Second, its central theme about the extreme fragility of the world economy will keep you up at night and force you to think hard about issues that are not yet out in public. And third, it provides a realistic road map out of the horrendous mess we are in, one that should capture the attention of policymakers, financiers, and yes, even the next American president.
Jeffrey E. Garten, Yale School of Management; former U.S. undersecretary of commerce for international trade; former managing director, Blackstone Group
Lively, well written, and insightful, The World Is Curved by David Smick probes and thoughtfully examines the strains and imbalances in the global economy and international financial markets. Smick also presents a series of innovative recommendations and observations designed to address the problems he describes, and challenges us to come to grips with them before they worsen.
Robert Hormats, vice chairman, Goldman Sachs International
This book is excellent. It is hard to read The World Is Curved without being concerned by recent trends. David Smick offers a thoughtful and readable analysis of globalizations flaws and benefits. This is an important book.
Frank C. Carlucci, former U.S. secretary of defense
David Smick knows as much about world financial markets as any man alive today.
In his fascinating (or maybe terrifying) book, The World Is Curved, he lays out the potential for disaster in this new, intricate, global financial marketplace. This book is an easy read even though it deals with unbelievably complicated (i.e., curved) subjects.
William Seidman, chief financial commentator, CNBC; former chairman, Federal Deposit Insurance Corporation
David Smick has identified a dangerous gap that separates the policy world and the financial world. The World Is Curved will go a long way toward bridging that gap, which is essential to ensure stability and prosperity in the global economy.
Lee H. Hamilton, president and director, Woodrow Wilson International Center for Scholars
David Smicks The World Is Curved couldnt have come at a better moment. I couldnt lay the book down. It offers an unusually knowledgeable insight into the world of international finance. The World Is Curved is highly relevant to todays situation.
Karl Otto Phl, former president, Deutsche Bundesbank
Smicks dos and donts for future economic policymakers are so readable, they can be easily understood by those without economic degrees.
Carla Hills, co-chair, Council on Foreign Relations; former U.S. trade representative
David Smick is a fascinating tour guide to the construction of our present financial system over the last three decades. He takes us from the financial salons of Europe to the Asian bureaucratic ministries of unfathomable wealth to the back rooms of the Washington power elites to the chaotic trading rooms of Wall Street. It is a great read.
Louis Bacon, Moore Capital Management
David Smick turned The International Economy magazine into the must-read magazine on world economic affairs. He does the same with globalization in The World Is Curved. Globalization is the game changer of our time, and David Smicks insights on global capital flows are significant. Anyone who wants to understand financial globalization and its policy implications will want to read this book.
R. Glenn Hubbard, dean, Columbia University Graduate School of Business
David Smick has written a first-class book on possible dangers of globalization. I found it difficult to put it down.
A. W. Clausen, former president, World Bank
A timely and important analysis, The World Is Curved offers a whirlwind tour of the dynamics across the globe that are driving the gears of the worlds financial markets. Accessible and instructive for layperson and policymaker alike.
Yoichi Funabashi, editor in chief, Asahi Shimbun
The World Is Curved examines the fragile international financial system and finds it rather treacherous and not easy to fix. Rather than being flat, our new globalized world is rather bumpy.
-James Schlesinger, former U.S. secretary of energy, secretary of defense, and director of central intelligence
David Smick takes the reader into the inner sanctum of the global financial system as no one else can. With riveting stories, Smick leaves no doubt that this complex system has created huge benefits but has left us facing grave risks. And he offers a solution.
John B. Taylor, Stanford University
David Smick is right: The global world is curved. We cannot foresee the precise future, especially not in crisis situations.
Hans Tietmeyer, former president, Deutsche Bundesbank
A worthy successor to Tom Friedmans The World Is Flat. The World Is Curved takes up where Friedman left off, lucidly explaining the vital but poorly understood role of the financial system that provides the essential underpinnings of the world economy.
Murray Weidenbaum, Washington University
The world is curved. Even a high-flying satellite can see no more than half of it at a time. But David Smick takes us to both sidesfrom Washington to Beijing and beyond.
Peter B. Kenen, Princeton University
The World Is Curved makes for fascinating reading, showing how politics and economics are inseparably intermingled. A bright analysis of risk, success, and failure in todays global financial markets.
Otmar Issing, former member of the executive board, European Central Bank
The World Is Curved is thoughtful, balanced, and provocativea must-read.
Pedro Pablo Kuczynski, former prime minister, Peru
A lucid, informed, and insightful interpretation of the global financial system.
Readers... are guaranteed to be entertained and provoked.
Edwin (Ted) M. Truman, former director, International Finance Division, Federal Reserve
The consummate insiders account of global capital markets. Truly informative and most entertaining. The World Is Curved reveals... why the next thirty years will be just as perilous as the past.
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