This Time Is Different

Eight Centuries of Financial Folly

By Carem Reinhart & Kenneth Rogoff (2011)

Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters...