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On A Scale of One to Ten...

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December 01, 2009 – Comments (4)

my desire to read this is about a one.  It is over 100 pages.  However, it, This Time is Different, reaches my 10 in scale of important to review, so here I go.  Actually, the first few pages aren't that bad, and it is an analysis on defaults going back over 800 years, so it is probably one of the more complete works  on this issue.

"serial default on external debt -- that is, repeated sovereign default -- is the norm through every region in the world, even including Asia and Europe."

Given that it seems every country in the world is racking up unsustainable debt, without having read it yet, it is a must read in my mind.

4 Comments – Post Your Own

#1) On December 01, 2009 at 10:22 PM, dwot (45.74) wrote:

Hmmm, I could have sworn I read they looked back as far as 800 years, but now I am reading the analysis starts in 1800.

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#2) On December 02, 2009 at 10:52 AM, Eudemonic (61.69) wrote:

Great find Dwot: There's quite a bit to learn from this.

Pages 12-13: Once debt is restructured, countries are quick to releverage. 

Page 69:  The handmaiden to inflation is currency devaluation.

Conclusion: History repeats itself. Times change, technologies change, we have a better understanding of economics, but humans and countries still behave in predictable patterns.

 

 

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#3) On December 02, 2009 at 4:06 PM, minduza (< 20) wrote:

I have it on my desktop for like 3 months already. Can't push my self to read it. They could do like two versions one summary of 10 pages and the other 100+ pages. Let us know if it's a good read

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#4) On December 02, 2009 at 4:40 PM, SkepticalOx (99.53) wrote:

dwot, you're not off...

You can buy to book and it's called "This Time is Different: Eight Centuries of Financial Follies". 

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