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The World Is Curved: Hidden Dangers to the Global Economyby David M Smick
Synopses & Reviews
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:
"With this illuminating book, Smick revisits Thomas Friedman's description of the 'flat' world produced by globalization, arguing instead that the uncertainty produced by globalized financial markets has created a world that is curved, where events and their consequences are unpredictable. Smick begins with a puzzle: why did the subprime mortgage crisis, an event that directly impacted a relatively small piece of the global market, have such a catastrophic impact on the world market as a whole? From there, the author turns to topics as complex and varied as the potential 21st Century Chinese financial bubble and the policy dilemmas currently facing the Fed. Throughout the book, the author returns to the argument that political trends are increasingly at odds with the forces driving the globalized world economy. Smick brings expertise and lucidity to many difficult subjects, and while his book's appeal will likely be limited to those with some background in the field, it will undoubtedly stir interest and debate amongst investors, policymakers and strategists alike." Publishers Weekly (Copyright Reed Business Information, Inc.)
A consultant and founder of the International Economy quarterly, David M. Smick takes his title from Thomas J. Friedman's "The World Is Flat." "For the financial markets," Smick argues, "the world is curved. We can't see over the horizon. ... That is why the world has become such a dangerous place." Smick built his career through the classic Washington practice of networking and... Washington Post Book Review (read the entire Washington Post review) advice-giving, and his analysis is sprinkled with stories of encounters with big players in global finance. He describes his sweaty-palmed interview with Singapore's legendary leader Lee Kuan Yew, who blasted Smick for his confidence in U.S. markets, then gave him a consulting contract. It's classic name-dropping, but it enlivens his account. Smick views the country's economic setbacks from the perspective of a committed globalist who fears that Americans will start demanding barriers to trade and investment, provoking an even greater crisis. His book argues that the United States can and must compete in a world with shrinking boundaries because there really isn't another choice. Peter Behr is a contributing writer to the C.Q. Global Researcher and a former Washington Post business writer and editor. Reviewed by Peter Behr, Washington Post Book World (Copyright 2006 Washington Post Book World Service/Washington Post Writers Group)
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One of Washington's premier insiders ("Financial Times") describes how today's risky mortgage environment came to be--and why the mortgage mess is a symptom of future trouble.
About the Author
David Smick advises some of the worlds most successful money managers through his investment and strategic consulting firm Johnson Smick International, Inc. He is also the founder, editor, and publisher of The International Economy, an acclaimed quarterly. He has served as an adviser to both Republican and Democratic presidential candidates and has written for publications such as The Wall Street Journal and The New York Times. Mr. Smick and his family live in Washington, D.C.
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