The World Is Curved: Hidden Dangers to the Global Economy
Author: David M Smick
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 and advised top Wall Street executives and investors.
The World Is Curved picks up where Thomas Friedman's The World Is Flat left off, taking listeners on an insider's tour through the private offices of central bankers, finance ministers, even prime ministers. Smick reveals how today's 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 everyone's mind: How bad could things really get in today's volatile economy? And what can we do about it?
The World Is Curved is the rare work 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 is...essential...for those who wish to understand the workings, politics, and distresses of the global financial system...insightful and entertaining..." — Alan Greenspan, former chairman of the Federal Reserve Board; author of The Age of Turbulence
"David Smick's probing insights in The World Is Curved stem from an extraordinary vantage point few observers can match."—George Soros, Soros Fund Management
Publishers Weekly
Confronting the ever-increasing challenges of globalism and the economic problems plaguing the U.S. from a downward spiraling value of the dollar to the subprime mortgage crisis, Smick argues again and again that the solution to the problem is deregulation and encouraging entrepreneurship. While he examines the U.S. in relation to other emerging and potentially powerful markets (China and India, in particular), Smick argues weakly against Thomas Friedman's more utopian or opportunistic points of view. Jim Bond delivers the book in an accessible and gentle tone. Smick's prose can be a bit inundating, but Bond balances speed with emphasis to keep listeners' attention. A Portfolio hardcover (reviewed online). (Sept.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.Library Journal
The 2007-08 subprime financial crisis is the jumping-off point for Smick's (Johnson Smick International) examination of current threats to global prosperity. He explains that although the subprime losses are small in the context of world financial markets, a lack of transparency has diminished investor confidence, dried up financial liquidity, and threatened the very foundations of our world financial system. He says that the growth of global financial markets has made it more difficult for central banks like the U.S. Federal Reserve to intercede effectively in times of crisis. Smick compares the subprime crisis to past events like the UK's forced devaluation of the pound in 1992 and Japan's economic stagnation in the 1990s. He warns of pending dangers like an overheating of the Chinese development juggernaut and the present calls for protectionism by U.S. politicians. He favors a global financial system built on transparency and trust. Smick's role for some 30 years as an economic adviser to central bankers and legislators of all stripes gives him a solid perspective on the global financial system. This summing-up of the subprime debacle and other global financial threats, aimed at general readers, is first rate; highly recommended for all public and academic libraries.-Lawrence Maxted, Gannon Univ. Lib., Erie, PA
Kirkus Reviews
It's a fraught time, writes hedge-fund guru Smick in this timely book. If the "Chinese juggernaut" doesn't sink us, then class warfare and our spendthrift ways will. Borrowing his title, obviously, from Thomas Friedman's optimistic The World Is Flat (2005), Smick dourly notes that in finance, the horizon is near while the dangers lurk out of sight-"nothing happens in a straight line. Instead, there is a continual series of unforeseen discontinuities-twists and turns of uncertainty that often require millions of market participants to stand conventional wisdom on its head." Seeing over the horizon is the job of sound analysts and good political leaders, who seem to be in short supply. Weathering the fiscal storms is ever harder for numerous reasons, one of them the declining vigor of central banks, another, in the United States, an accumulation of personal debt that threatens to put the economy into a Japan-like state of decades-long stagnation. Globalism, some would object, is a vehicle for weakening national economies, but Smick counters that "liberated global financial markets and free trade" are largely responsible for the creation of vast wealth in the last quarter-century (during which the Dow Jones Industrial Average rose from 800 to more than 12,000) and should not be unduly regulated, since economies seem to be slipping beyond the control of national governments. Instability will thus be the norm in the future, especially inasmuch as private concerns dwarf whole economies: The exposure of the Swiss bank UBS to the subprime mortgage meltdown was four times as large as the entire Swiss economy, Smick observes. Couple profligate habits with an ever-growing Chinese economybeholden to no one, and suddenly the future looks like a roller-coaster ride for even the most aggressive investor. A supremely useful book for portfolio planning, though not the thing to give someone who's inclined to worry about the state of the world. Agent: Fredrica Friedman/Fredrica S. Friedman and Company
What People Are Saying
Bill Bradley
"The World Is Curved makes transparent all the challenges facing today's 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)
Alan Greenspan
"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."
George P. Shultz
"The World Is Curved affords an engrossing look at the edifice upon which global finance has been built. It's a vision we ignore at our peril; for instance, we know from experience the dangers of protectionism. This is a vital primer about the zone where finance and statesmanship intersect."--(George P. Shultz, former U.S. Secretary of State)
Barton M. Biggs
"Smick is a world-class thinker. Any serious investor must read what he has to say."--(Barton M. Biggs, Traxis Partners and author of Hedgehogging)
Lawrence Eagleburger
"The World Is Curved is a brilliant, if disturbing, exposé of today's global financial minefields, and an equally compelling description of possible remedies. The next president would do well to read The World Is Curved before taking office next year."--(Lawrence Eagleburger, former U.S. Secretary of State)
Lawrence H. Summers
"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)
Green Collar Economy: How One Solution Can Fix America's Two Biggest Problems
Author: Van Jones
Environmental leader and advisor to policy makers and presidential candidates, and the man Thomas Friedman says "is not to be underestimated," Van Jones delivers a much-needed economic and environmental solution that cuts through the noise of today's green movements.
"When many people hear the term 'green' today, they still automatically think the message is probably for a fancy, eco-elite set-and not for themselves. And as long as that remains true, the green movement will remain too anemic politically and too alien culturally to rescue the country." Van Jones
Provocative, personal, and inspirational, The Green Collar Economy is not a dire warning but rather a substantive and viable plan for solving the biggest issues facing the country. The failing economy and our devastated environment are the two looming crises facing the United States today. From a distance, it appears that these two problems are separate, but when we look closer, the connection becomes unmistakable.
In The Green Collar Economy, acclaimed activist and political advisor Van Jones delivers a real solution that both rescues our economy and saves the environment.
The economy is built on and powered almost exclusively by oil, natural gas, and coal-all fast-diminishing un-renewable resources. As supplies disappear, the price of energy climbs and nearly everything becomes more expensive. With costs and unemployment soaring, the economy stalls. Not only that, when we burn these fuels, the greenhouse gases they create overheat the atmosphere. As the headlines make clear, total climate chaos looms over us. The bottom line, we cannot continue with business as usual. We cannot drill andburn our way out of these dual dilemmas.
Instead, Van Jones illustrates how we can invent and invest our way out of the pollution-based grey economy and into the healthy new green economy. Built by a broad coalition deeply rooted in the lives and struggles of ordinary people, this path has the practical benefit of both cutting energy prices and generating enough work to pull the U.S. economy out of its present death spiral.
Rachel Carson's 1963 landmark book Silent Spring was the pivotal ecological examination of the last century. Now rising above the impenetrable debate over the environment and the economy, Van Jones's The Green Collar Economy delivers a timely and essential call to action for this new century.
Publishers Weekly
Starred Review.
As the "ecological crisis nears the boiling point," human rights activist and environmental leader Jones (president of the national organization Green For All) lays out a visionary, meticulous and practical explanation of the two major challenges the U.S. currently faces-massive socioeconomic inequality and imminent ecological catastrophe-and how the current third wave of environmentalism, the "investment" wave, can solve both. If industry players want to take advantage of growing consumer demand for green solutions, they'll have to follow principles of inclusiveness as well as conservation and inventiveness to create "broad opportunity and shared prosperity" for citizens at all levels of society. Rife with statistics, facts and history lessons, Jones introduces a "Green New Deal," a re-imagining of FDR's original New Deal that makes the government "a partner" (as opposed to a "nanny" or "bully") of the people, and sets about defining the principles of a "smart, supportive, reliable" partnership. Jones examines success stories from around the world (included close looks at Chicago and Milwaukee), defines government priorities at national and local levels and offers concrete solutions; one major positive step for any "significant U.S. metropolis" is to "invest massively in constructing buses, light rail cars, and mass-transit projects," creating good jobs while cutting greenhouse gases. With both caution and hope, Jones concludes that "tens of thousands of heroes at every level of human society" will be needed to carry off this third, and perhaps ultimate, green initiative.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rightsreserved.
Susan Hurst - Library Journal
With climate change, skyrocketing energy costs, and a bad economy on everyone's minds, these two books offer different takes on these circumstances and consequently quite different solutions. While in The Green Collar Economy, Jones (founder & president, Green for All) addresses ongoing issues of social inequality as well as the environment and arrives at large-scale solutions aimed at both, Makower (executive editor, GreenBiz.com) in Strategies for the Green Economy focuses more on improving the "greenness" of individual corporations. By examining case studies of companies' green initiatives and their effects on marketing and consumers, he demonstrates how going green can be a win-win for both the bottom line and the environment.
In looking at the bigger picture, Jones provides ideas for rebuilding infrastructure and creating alternative energy sources, which would have the double bonus of boosting the economy through increased employment and higher wages while decreasing our dependence on fossil fuels. With a blurb by Al Gore and a foreword by Robert F. Kennedy Jr., this is a much more forward-thinking and far-reaching work that considers concrete ways to improve our current situation, rather than offering only rhetoric. Action items and a resource list at the end of the book provide ways for individuals to get involved immediately.
Makower's is a more typical "business" book, looking at specific companies and their approaches to environmentalism. It focuses on corporate success and how to use the environment as a marketing tool rather than on strategies to save the country and the planet. While both books are highly readable and very timely, the bigpicture presented in The Green Collar Economy seems more optimistic and useful than the marketing techniques outlined in Strategies. The Green Collar Economy is recommended for all libraries, while Strategies is recommended more specifically for business collections.
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