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"This is quite simply the best empirical investigation of financial crises ever published. Covering hundreds of years . . . Reinhart and Rogoff have made a truly heroic contribution to financial history."--Niall Ferguson, author of "The Ascent of Money."
"From an economist's point of view, there are two striking aspects of THIS TIME IS DIFFERENT. The first is the sheer range of evidence brought to bear....[The book] ventures into the back alleys of economic data, accepting imperfect or fragmentary numbers as the price of looking at a wide range of experience. The second distinguishing feature is the absence of fancy theorizing....[It] manages to be both extremely useful to professional economists and accessible to the intelligent lay reader."
From the Publisher
Economics professors Carmen M. Reinhart and Kenneth Rogoff reveal that the 2008-2009 financial meltdown which resulted from subprime mortgages is merely the latest in a long line of similar crises, and they argue that the pattern will continue as long as investors continue to favor their ambiguous consideration of future gains over the certainty of past losses when considering investments. Reinhart and Rogoff provide a thorough historical analysis covering more than 60 countries over hundreds of years to show that ever since people began using currency, there have been periods of inflation, deflation, and devaluation which have by now become somewhat predictable. The good news the authors provide is that history has shown that such economic fluctuation is inherent to all markets, and thus nothing to cause panic. The bad news they reveal is that nations which have ignored the mistakes of the past, as seems to be the current case in America, will inevitably suffer a more fatal variety of crash which can cripple an economy for centuries.