The World Is Curved: Hidden Dangers to the Global Economy

by David M. Smick

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51 ratings, 3.55 average rating, 16 reviews (more data...)

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2		8%
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published

September 4th 2008 by Portfolio Hardcover

binding

Hardcover, 272 pages

isbn

1591842182 (isbn13: 9781591842187)

description

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 deca...more

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03/24/09

Beth rated it:

Read in March, 2009

First of all, I almost didn't finish reading this book. It was published in late 2008 and during the first two chapters I kept wondering if it wasn't already irrelevant because of what had happened in the financial world during the last 4-5 months. (I am writing this on March 23, 2009.)
I was very wrong. Not only was I wrong, I was extremely, simplistically foolish to think such a thing.
I feel like I have just finished listening to an incredibly accomplished performance of a great ...more

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12/21/08

Howard rated it:

Smick tries to do for central banking and international finance what Thomas Friedman did for globalization: explain the hidden forces that move trillions of dollars across the world economy. This book is an excellent introduction to an often arcane world. It's also remarkably up to date. Smick provides a good summary of the development of the current financial crisis, and takes us through the collapse of Bear Stearnes. Smick's thesis is sobering: information and money can flow so quickly that t...more Smick tries to do for central banking and international finance what Thomas Friedman did for globalization: explain the hidden forces that move trillions of dollars across the world economy. This book is an excellent introduction to an often arcane world. It's also remarkably up to date. Smick provides a good summary of the development of the current financial crisis, and takes us through the collapse of Bear Stearnes. Smick's thesis is sobering: information and money can flow so quickly that the sort of deleveraging that used to take years can happen in a much shorter time frame. in Smick's view, the financial world is dangerously curved due to the potential for businesses and nations to hide the true state of their balance sheets. The result is capital flow that recedes and washes back like a tsunami. It remains to be seen what effect this will have on economic growth and contraction, but "luckily" we are now running a real-time experiment since last September, so we should have some answers sooner rather than later.

I would definitely recommend this book to anyone who wants to learn what central bankers are doing when they go to their endless rounds of meetings and luncheons. Smick perfectly captures the central bankers' dilemma. each are aware that free markets and globalized economics are a long term benefit to each participant. However, each is also keenly aware that they are ultimately beholden to the citizens of the country for whom they manipulate the levers of finance. Protectionism, and economic nationalism are seen as inimicable forces arrayed against globalization, but they are all too tempting to politicians looking to cast blame in the wake of economic disaster. moreover, they can be perfectly rational alternatives when one is confronted with choosing between protecting the livelihoods of one's own citizens, versus protecting those of a foreign country's citizens. Smick describes the tensions inherent in these dilemmas well.

There is a limit to the user-friendliness of this book. say what you will about Thomas Friedman, he is an excellent writer with a knack for finding the killer anecdote. Smick spends his days with economists and central bankers. They are simply not as engaging as Friedman's entrepreneurs and venture capitalists. Smick's writing style tends to be digressive. He never passes up a chance to tell stories about the various finance ministers he has met. While Smick does a good job describing the issues, some of his discussions remain obscure. His chapter on the 1992 devaluation of the British pound, for example, is tough going.
Nonetheless, this is worth reading as a primer for the finance issues that have become all too prevalent in the news lately. (less)

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03/07/09

Barry rated it:

bookshelves: american, non-fiction

Read in March, 2009

Globalization is like climate change, it’s an amorphous subject. We struggle to get a handle on it and tend to revert to our world view. For many, no amount of data will sway us. How much you like this book will depend on your views of globalization.

I was surprised by the title. The World is Curved sounded like a refutation of Tom Friedman’s The World is Flat. The subtitle, “Hidden Dangers to the Global Economy” sounded like a heading for an anti-globalization screed. I...more

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01/18/09

Al rated it:

Read in January, 2009

I read this book hoping to find some insights or predictions about where the current ecoomic mess is headed, internationally and domestically. What I got was a windy and frequently opaque description of past international and domestic financial crises, padded by a series of self-serving and egotistical, self-serving anecdotes and name-dropping taken from Mr. Smick's career as an economic consultant.
For the most part, I was unable to follow the logic in his explanations of int...more

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02/28/09

Ben Mullins rated it:

bookshelves: economics, politics

Read in February, 2009

Mr Smick doesn't appear to be an expert on Economics or Finance because he has a deep understanding of the mechanisms of markets, either specific or general, so don't expect depth from this book. What Mr Smick has is an excellent ability to read people and a close proximity to those in power over the last 30 years. Ultimately this book is the amalgamated and parroted wisdom of both the brilliant and the powerful people Mr Smick knows. The only arguments used in this book for the support of th...more

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06/09/09

Terry Earley rated it:

Read in June, 2009

Intrigued by this author's thoughts written in a Washington Post editorial I wanted to then read this book.

In his prologue he explains that this book is a follow on to Friedman's The World is Flat, meaning that in the global financial world we really cannot see very well over the horizon.

There is an excellent description of the foundations of the 2007-2008 credit crisis and recommendations to bring stability back to the global economy.

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10/01/08

m. rated it:

bookshelves: nonfiction, relationships

Read in February, 2009

The World Is Curved is a self-aggrandizing story about the world of international finance and economic globalization, told in mostly the first person, by David Smick—one of that arenas major players and beneficiaries. It reflects what is the essential problem of the world economic situation but, not unsurprisingly, Smick fails to see that it is HIM and his kind—i.e. self-absorbed and unaware personalities globe trotting and using the latest technology, to pursue the accumulation of wealth fo...more The World Is Curved is a self-aggrandizing story about the world of international finance and economic globalization, told in mostly the first person, by David Smick—one of that arenas major players and beneficiaries. It reflects what is the essential problem of the world economic situation but, not unsurprisingly, Smick fails to see that it is HIM and his kind—i.e. self-absorbed and unaware personalities globe trotting and using the latest technology, to pursue the accumulation of wealth for personal status—that has brought the world to the brink of serious depression, both economic and psychically. Oh, he does point the finger at “greedy” bankers and financial “wizards,” but doesn’t see his connection and complicity. He is a “consultant” and advises “some of the world’s most successful money managers.” I’ll be clear, the author depends on making his living and enjoying a royal jet-setting lifestyle on the super rich maintaining their status and well-being. He trots out the tired old line about the creative class needing the money of the super rich to do what they do; but admits that creative people aren’t motivated by money or wealth—just the doing of the thing. But, let me be real, the “investors” are merely interested in getting in on a potential money-maker. They buy low, create a buying frenzy via the oldest trick (thus the wizard label) of the confidence game—fear of losing out— then sell high and move on. He advises them. He says they must enjoy a high level of confidence (ebullience) that this “system” continues as is, to keep funding innovation. This, of course, creates the bubbles that have dominated the world economy for the last dozen years and created the problem—money out of thin air. I list here some of the bubbles: Dot Com; Telecommunications; Housing; the Stock Market itself. To be clear, again, many people have gotten very rich, but most have been fleeced and NOW … one of Smick’s remedies is to have the government (the people) tax themselves and then give themselves a “gift” upon birth to be invested in the markets. I can’t believe this! That money most likely will wind up in the pockets of the already rich and their wizards and bankers. AMAZING! (Does that declaration mean five stars?) What a crock, what a confidence game! One of the tricks these “wizards” use is specialized jargon. For instance, who knows what these words mean in the language of finance: Equity; Capital; Liquidity; Investment; Trust; Leverage; Human Capital; Inflation; Economy; Entrepreneurial; Securities; Sovereign Wealth Funds; Risk; Securitization; Free Trade; Bond Markets; Hedge Funds? Smick even admits the people in charge often don’t even know what they are talking about when they use the words!!!!

This book is a classic. It is about the liars and thieves who have fleeced the people of the world, albeit as Smick contends again and again, without knowledge or intention. So are they innocent? Just jerks doing what jerks do? I would like all these bankers and wizards and their beneficiaries, stripped of their wealth and given shovels to manage manure, dig ditches to move water, and build roads and foundations. Let them earn a living. That would boost my confidence. DON’T BUY THIS BOOK.

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01/11/09

Carol rated it:

Read in December, 2008

Smick is knowledgeable about international economics and details his main points with memorable anecdotes. He praises Senator Schumer and Jack Kemp for their understanding that globalization is more beneficial to all than damaging. He does argue for greater access to wealth from capital and strongly favors birthright bonds as Senator Clinton proposed. The weakness of the book is his simplistic rhetoric opposing "class warfare" for any kind of progressive economic theory.

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02/27/09

Jhc130fe hampton rated it:

Read in October, 2008

An intriguing read. There were variables left out such as credit default swaps, global poverty and global warming effects. As I see it not only are financial troubles causing problems but also deteriorating values and lack of communication between nations. Besides these criticisms, he makes a lot of great points. Seems a little partician toward republican thinking but many popualist democrats could learn more about global capitalism.

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12/14/08

Carolyn Henson rated it:

Read in December, 2008

Basic premise is that the global economy is to big and unpredictable that governments can't influence it like they used to, and we may be in for trouble.

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01/07/09

Jack rated it:

Read in January, 2008

excellent overview of how economy got to where it is and the likelihood of much more intense upheavals in the future due to financial globalization

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01/25/09

Matthew rated it:

Read in February, 2009

An extremely insightful book about the frightening waters that the world economy is currently in. While I would not characterize this book as uplifting it is an important look at what got us to where we are and what dangers are still out there. I really hope policy makers on both sides of the aisle are seeking advice from people like David Smick.

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01/20/09

Kenitta rated it:

Very well written.

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01/29/09

Rafael rated it:

Read in March, 2009

Decent read. An obvious response to The World is Flat by a financial guru. The not so subtle self-aggradisment gets old fast. Some of the concepts are harder to understand than Corporate Tax Law, but it does do a decent job of presenting a coherent understanding of the current global finanical system. A bit long-winded but I still recommend it.

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01/09/09

Jason rated it:

Read in June, 2009

Absolute clarity into potential pitfalls we may face in our attempts to solve the current financial crisis. Picks up where the "The World is Flat" left off by digging deeper into the financial intricacies of globalization.

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10/26/08

Lula marked it as to-read

bookshelves: financial-markets-current, to-read

Charlie Rose had an excellent interview with David Smick on 10/23/08. He impressed me enough to want to read his book.

http://www.charlierose.com/shows/2008/10...

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07/01/09

Steinjogmail.com rated it:

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06/25/09

Stacey marked it as to-read

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06/17/09

Marcia marked it as to-read

bookshelves: to-read

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06/10/09

Drew Dickson marked it as to-read

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