The Default Line: The Inside Story of People, Banks and Entire Nations on the Edge by Faisal Islam (29-Aug-2013) Hardcover

by Faisal Islam

How can a banking system become so unregulated that it offers a gold credit card to a dog? For Channel 4's Economics Editor Faisal Islam, these are examples of nations, institutions, and individuals crossing the 'default line', the point at which the optimism of economic boom flips into fiscal madness.Having exposed the Icelandic banking crisis, watched Lehman Bros crash, investigated emerging economies in India and China and interviewed a host of key international players from the Governor of the Bank of England to the head of the the Chinese sovereign wealth fund, Faisal Islam is the perfect guide to the global economic crisis.Juxtaposing vivid anecdotes with high-level exclusive interviews and trenchant economic analysis, THE DEFAULT LINE is a really accessible way of understanding the economic shape of the contemporary world.

Genres: Economics, Nonfiction, Politics, Business

Hardcover

First published August 29, 2013

Reviews

[Joseph · Rating 2 out of 5]

Reads Like a Student Newspaper Article.

While I love Faisal Islam as a journalist, especially during his time at Channel 4 News, I just cannot get on with his writing style in this book.

Paragraphs would tend to cover several ideas sometimes without introducing them. And the chapters would aim to cover too much, or focus on something (like deserted Spanish towns) in too much detail.

I also thought some of the similes were a bit stretched or just clichéd (eg.“Like Mo Farah running the 10,000 meters at the Olympic Park, Draghi was bouncing the Germans into his running pace”).

I also thought occasionally his prose needed to be taken with several pinches of salt. One example:

“Intriguingly, the ex-Bundesbank president, Hans Tietmeyer, suggested the council sit in alphabetical order, not by nation but by surname. Perhaps this is because he did not like sitting next to the Greeks, whose Euro membership he had advices against”

The chances are, Hans Tietmeyer suggested members sit in alphabetical order so as to encourage EU-level loyalty, over irrational nationalism.

I didn’t find myself disagreeing with Islam’s conclusions much and I thought the epilogue was an interesting treatise on the modern challenges that we face in the U.K. I also think this sort of book is vitally important at a time where markets are opening up again and securitisation is being reintroduced.

If it wasn’t for the style, this book would receive 4 stars. Maybe this is something other readers did not experience.

[Monzenn · Rating 5 out of 5]

Low five I suppose. I can't deny the breadth of the book - it's a useful look at the late 00s / early 10s economic experience in Europe and parts of Asia, a useful GFC perspective. I guess what bothers me a little is how there are always snarky adjectives that come with some of the characters, say that this Chinese central bank official has a "villainous grin" or that this European official has a "smug look," which just distracts from the otherwise fascinating story. Though at last assessment, I guess it doesn't overall hurt the breadth of economic coverage that the book provides, hence I still have to acknowledge that, despite being quite opinionated, it is still a great non-American look at the GFC events.

[Scott · Rating 4 out of 5]

Excellent book on the financial crisis.

[Daniel · Rating 5 out of 5]

A very detailed description of the financial crisis, the role of London in the process, the unfair inner workings of the ECB. The author has a lot of insights and write from the local's point of view. Great financial journalism.

[Lis · Rating 4 out of 5]

Extremely well-written account of the many, many threads which wove together to create the financial crisis, both gripping and clear.

[Mumtaza Rizky Iswanda · Rating 3 out of 5]

The book for those who want to understand 2008 financial crisis