Michael Lewis - Boomerang
“The curious thing about the eruption of cheap and indiscriminate leading of money between 2002 and 2008 was the different effects it had from country to country. Every developed country was subjected to more or less the same temptation, but no two countries responded in precisely the same way. Much of Europe had borrowed money cheaply to buy stuff it couldn’t honestly afford… In the moment of temptation Germany became something like a mirror image to Iceland and Ireland and Greece - and the United States. Other countries used foreign money to fuel various forms of insanity. The Germans, through their bankers, used their money to enable foreigners to behave insanely.”
p. 145
