★★★★★ 5
Dazzling, Exhaustive, Exhausting.
Format: Kindle
Mr. Tooze has delivered a tour de force. He has marshaled what surely must be the most comprehensive and informed account of the 2008 crash and its aftermath. Tooze examines in detail and at length, the financial, economic and political forces at work in this gigantic mosaic of global crisis. And he clearly understands the process, providing shrewd insights and informed commentary. It's a heavy lift--a bit like trying to drink out a a fire hydrant; the sheer volume of information is daunting. But the prose is clear and accessible.
Tooze clearly identifies with the the leaders and institutions that mobilized themselves in new and highly unorthodox programs to contain the crisis. That's not popular among critics on both the far left and the hard right. But he illustrates the vapidity of their carping--which largely constitutes a substitute eitherfor understanding the issues or crafting workable solutions.
I would argue that he overlooks the opportunity Obama had in January 200i9 to bend both parties to his will in crafting a real Economic Stimulus plan that the nation could have embraced. Instead he passed the initiative to the House leadership who simply dredged up failed old chestnuts which they newly christened as stimulus programs. Obama bought in and launched its initiative as a partisan weapon--which has only served to widen the current divide. An activist approach that would have drawn from both Republican and Democratic resources--and which was actually directed as a stimulus--might have created a moderate center from which to conduct his business. We'll never know. Obama didn't ever buy into working with others--even n his own party. It was generally his way of the highway. But it's tempting to look back and consider the possibilities.
His concluding message, asks what resources will the current administration--which eschews both institutions and expertise--be able to mobilize in the all too likely event some new global crisis hits.
For now, read and enjoy the (long) but very well informed ride.
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Reviewed in the United States on August 27, 2018


