Excellent Paper -- This Time is Different: A Panoramic View of Eight Centuries of Financial Crises of Carmen M. Reinhart and Kenneth S. Rogoff.

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Subject:	FWC: Excellent Paper -- This Time is Different: A Panoramic View of Eight Centuries of Financial Crises of Carmen M. Reinhart and Kenneth S. Rogoff.
Date:	Thu, 25 Feb 2010 04:58:32 -0800
From:	Jas Jain <jas_jain@hotmail.com>

Subject: Excellent Paper
Date: Thu, 25 Feb 2010 12:47:39 +0100

This Time is Different: A Panoramic View of Eight Centuries of Financial Crises of Carmen M. Reinhart and Kenneth S. Rogoff.

This paper was the origin of their famous bestselling book. It has great links for historical research. Enjoy it!

Economists are useless in avoiding the crises and then responding to the crises in a positive way because the crises are caused by how various participants behave, especially, the political and banking leaders, and economists haven't invented the techniques to make political and banking crooks behave in a less crooked manner. Greenspan and Bernanke, both economists, encouraged the banking and finance crooks with their praise of the mortgage securitization during 2004-2007 leading up to the debt blow off. Greenspan, in particular, was himself bred in a culture of deception, fraud and manipulation (you are considered smart!) that pervades NYC banking and finance. It was obvious that these two were facilitating pushing debt on the households, an evil act, and didn't home crank warn about construction of 30M Debt Concentration Camps under these two? America has rogue economists and evil economists. Only the evil economists get the top economic policy power. America has become a safe haven for crooks and evildoers. Three biggest evildoers in 2002 were in America and not in Iraq! We went after the wrong guys. There cannot be any reasons for hope until we get rid of crooks and evildoers at home. And don't hold your breath because they have more power today.

 

History is nice for understanding and to see the problems before they cause the harm but it is useless in avoiding the problems because you cannot use history to change people's behavior. People who understand history the best are never in power; those who profit from the crises, e.g., crooks and manipulators, are! Only crooks survive the journey to the top!! The American econo-political system has degenerated into a system of the Crooks, buy the Crooks and for the Crooks. Democracy has delivered the goods!

Jas