J. V. Bruni and Company
1528 North Tejon Street
Colorado Springs, Colorado 80907
(719) 575-9880 or (800) 748-3409
J. V. Bruni and Company1528 North Tejon Street Colorado Springs, Colorado 80907 (719) 575-9880 or (800) 748-3409
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This Time is Different: Eight Centuries of Financial Folly,
by Carmen M. Reinhart and Kenneth Rogoff. 
Throughout
history, financial excesses have almost always been accompanied by the
justification, “this time is different.” In this highly detailed and
scholarly work, Reinhart and Rogoff demonstrate that very little is
truly different and that the old rules of booms and busts still apply.
Drawing on some 800 years of data spanning 66 nations, the authors
review dozens of financial debacles ranging from currency debasements,
deflations, old-fashioned investment bubbles, hyperinflation and more.
They describe not only the events leading up to the crises but also the
financial impacts that tend to follow in the aftermath. It is on this
latter topic that Reinhart and Rogoff break new ground, offering
insights into the similar patterns of unemployment,
government revenues, equity prices and capital investment in the wake of
financial crises. Because it is such an exhaustive study, it does read
like a textbook at times. Further, the book is nearly silent on what
policymakers wish to know most—how to ameliorate the effects of
financial debacles and hasten recovery. Still, this is an important
book that is likely to impact economic policy globally for years to
come. |
ISBN-13: 978-0691142166
"[A] terrific book."
Andrew Ross Sorkin, New
York Times [O]ne of the most important economic books of 2009." Jon Hilsenrath, Wall Street Journal
Martin Wolf, Financial Times |