Our Giant Banking Crisis—What to Expect
This Time Is Different, Eight Centuries of Financial Folly by Carmen M. Reinhart and Kenneth S. Rogoff : instructive review by Paul Krugman and Robin Wells:
When it comes to crises, that means acting like the proverbial drunk who searches for his keys under the lamppost, even though that’s not where he dropped them, because the light is better there: the quarter-century or so preceding the current crisis was an era of relative calm, at least among advanced economies, so to understand what’s happening to us one must reach further back and farther afield. This Time Is Different ventures into the back alleys of economic data, accepting imperfect or fragmentary numbers as the price of looking at a wide range of experience.
