Michael Lewis, acclaimed author of "Moneyball", "The Big Short", "The Blind Side", "The New, New Thing" and the iconic "Liar's Poker" is now out with his latest book, "Boomerang: Travels in the New Third World"- an illuminating look at the global financial meltdown.
The book is a compilation of a series of Vanity Fair articles. Inside, Lewis describes his year spent covering "financial disaster tourism, traveling to Iceland, Ireland, Greece and beyond," in order to explain how nations could lose their economic way, when offered cheap credit.
In a first-on CNBC, Lewis talked about his new book and the current financial crisis.
Is the carnage that we're seeing lately in the financial and stocks overall, is this like 2008 all over again? Or is there a big difference between now and then?
In my mind the financial crisis never ended. And this is Act Two. Act One was the collapse, and loss of faith in the financial institutions, because they leveraged themselves up to such an extent. Then governments came in and said they would stand behind the banks and not let them collapse. But now governments are under the microscope which adds yet another level of suspicion and its all very unsettling to the markets.
Has the leverage been transferred from individuals and institutions to sovereign governments?
Yes, exactly. Greece could be seen as a harbinger of what's to come, the first of several governments whose solvency is called into question. I think that in my view, we're watching Act Two of the same exact story. And uncertainty weighs heavily on markets. In some ways, the U.S. does not deserve to be in as good a shape as it is in right now. We're sitting here, after been the cause of many problems in a relatively secure spot.