A short while back, Wiley sent me a review copy of I.O.U.S.A., the book accompanying the well-known film documenting America’s growing financial instability. A joint effort by many leading figures in the worlds of finance and politics, IOUSA is simultaneously an education in the basics of America’s problems and an open-air forum with some of the world’s brightest economic minds about what to do to solve our problems.

The first part of the book is an explanation of the main issues facing our nation, which the book calls “the four deficits” – in the budget, savings, trade, and leadership, America has fallen behind the world and desperately needs to catch up. This part is fairly simple, and I imagine that most people who wind up reading this via my site, Seeking Alpha, or others who may syndicate or link to me will have sufficient grasp of the issues to skim these 80 pages.

The second part, which is a series of interviews with notable figures – i.e. Warren Buffett, Alan Greenspan, Paul Volcker, Robert Rubin, and Ron Paul – covers their opinions on the deficit topics. This is the part that will add value, or at least perspective, to most investors; agree or disagree with political positions, knowing the consensus on these topics among figures in Washington, D.C., is worthwhile.

Without giving away any of the value of the interviews, I have seen or heard general parts echoed in various forums, but I have never seen the collection of intellectual business leaders in one book – this is like an economist’s version of Market Wizards. As would be expected, the Buffett conversation is a treat, as is the discussion with Ron Paul. Although less market-oriented people may not be attracted to this part of the book in the same way a real finance junkie would be, it is still highly approachable and relevant.

Who would this book be good for? Well, there is a chicken and egg problem here, because the book is meant to inspire better economic literacy in the US. The average citizen has resisted that for a long time, and who is to say that one book can change that? My personal hope is that the publicity from the film, combined with the backing of people like former Comptroller General David Walker and Blackstone founder Pete Peterson, will be enough to get the book an adequate introduction to a wider base than just financially savvy individuals. Still, there is a nagging concern I have that the effort that went into producing this book will only have a marginal impact, if only because the readership that will naturally be interested does not need to see it, and the people who do will not devote the time or follow-through effort to allow it to have a realizable impact.

Overall, this was a very enjoyable book to read. The first part was easy to digest, and the overarching topic is highly relevant. If you are unfamiliar with the economic issues facing the United States, and you are of voting age, I hope you’ll read this book and be ready to apply the principles to future elections. If you are an economically informed voter, the interviews are likely to be of interest, and hopefully you can pass the book along to those who might need a push to understand issues like the budget deficit.

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Disclosure: The publisher of this book sent me a free copy to read, with the understanding that I would publish a review if I found it interesting. If you choose to buy this book through the Amazon link above, I receive a small commission, but that does not add to your cost in purchasing.