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 beand 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:
The World Is Curved
- 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 money
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.
"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.)
The World Is Curved
is an essential read for those who wish to understand the workings, politics, and distresses of the global financial system. David Smick has done an outstanding job in drawing on his interactions with many of the key players in international finance to produce an insightful and entertaining book.
Alan Greenspan, former chairman of the Federal Reserve Board; author of The Age of Turbulence
David Smick understands, as few do, that international finance depends on politics and passions as much as on policies. Agree or disagree, his sense of where we have been and where we are going deserves close attention. He writes in a way that makes giving close attention a pleasure.
Lawrence H. Summers, former U.S. secretary of the treasury
Smick is a world-class thinker. Any serious investor must read what he has to say.
Barton M. Biggs, Traxis Partners; author of Hedgehogging and Wealth, War, and Wisdom
The World Is Curved makes transparent all the challenges facing todays new global economy. Read along while Smick exposes the hidden global economic dangers and what steps must be taken to correct an imperfect system.
Bill Bradley, former U.S. senator
The World Is Curved affords an engrossing look at the edifice upon which global finance has been built. Its a vision we ignore at our peril.
George P. Shultz, former U.S. secretary of state
This is a very inspiring and intellectually stimulating book that makes remarkably transparent a number of factors behind the booms and busts of todays global finance.
Jean-Claude Trichet, president, European Central Bank
The World Is Curved is a brilliant, if disturbing, exposé of todays global financial minefields and an equally compelling description of possible remedies. The next president would do well to read this book.
Lawrence Eagleburger, former U.S. secretary of state
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 worldand#8217;s 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.