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This Time Is Different: Eight Centuries of Financial Folly (Inglês) Capa Comum – 6 set 2011
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"This Time Is Different is a tremendously exciting, topical, and controversial book on the history of debt and default. This one belongs on everyone's shelf."--Barry Eichengreen, author of The European Economy since 1945
"This is quite simply the best empirical investigation of financial crises ever published. Covering hundreds of years and bringing together a dizzying array of data, Reinhart and Rogoff have made a truly heroic contribution to financial history. This single marvelous volume is worth a thousand mathematical models."--Niall Ferguson, author of The Ascent of Money: A Financial History of the World
"This Time is Different is terrific, for it gives just the perspective we need on the current world economic crisis. People can't expect to understand the current crisis without some in-depth look at past crises. That is exactly what this excellent and timely book provides."--Robert J. Shiller, author of Irrational Exuberance and coauthor of Animal Spirits
"You will be hard-pressed to find a more comprehensive and insightful analysis of financial crises. Reinhart and Rogoff's superb book is a must-read for anyone looking to understand past and present crises, as well as navigate those of tomorrow."--Mohamed El-Erian, author of When Markets Collide
"I would say that her [Carmen Reinhart's] book with Ken Rogoff on debt crises and financial crises is an extraordinary piece of work."--Federal Reserve Chairman Ben Bernanke, speaking before the House Budget Committee (6/9/2010)
"The most important authorities probably in the world now on financial crashes are Kenneth Rogoff and Carmen Reinhart. . . . And I read it [This Time is Different]."--Former President Bill Clinton, speech at Youngstown, OH, October 31, 2012
"A classic."--Nouriel Roubini
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This book was written before their deification by pro-austerity, less-compassionate politicians. This book lays out the data and the small empirically based “aha's”, which investors can use to practical results. And their successful effort in this book is enormous, teasing out reliable historical data, never found before, especially from the Third World. Never underestimate the power of details. I admire this book completely for its precision. And the conclusion I can draw: Caveat Emptor. The future rhymes with the past. Do not confuse causation and correlation.
The real point of the authors, is that every era thinks "This Time Is Different" and the truth is almost always otherwise. Debt, deficits, and default have been recurring themes throughout human history. They have happened many times before. They will happen many times again. The countries you think will never default, frequently do. Germany is generally regarded as one of the safest creditors in the world (these days). German history suggests otherwise. Greece has been in ruins (economic ruins) for almost 200 years.
The idea that Greece was ever a reasonable credit risk was (is) absurd. Yet, Greece could borrow at rock bottom interest rates for years after it joined the Euro system. Even now, Europe's leaders are trying to prevent a final default (wipe out) on Greek debt. History says that they will lose.
The content is a bit intellectual, which isn't bad per se. Maybe because I mainly read before bed, I found it took more concentration to follow then the typical finance/economics stuff I read.
I give this book one star for its Kindle Paperwhite presentation. There are many charts and graphs supporting the text and they are very difficult to read, mainly due to contrast and shades of gray rendering. Perhaps on a color Kindle like Fire this won't be a problem but on the Paperwhite, it is a disaster. If you own a Paperwhite or probably any non-color Kindle, I would avoid buying this book. I feel I wasted my money.
While the charts/graphs are not critical to understanding the points he makes, they are copious and not having them to ponder as you read makes the book less fun.
I recommend the book(content), just not the Paperwhite presentation.