Chasing the Norm

Australian academic and blogger on politics, international relations, and culture

This Time is Different

This Time Is Different: Eight Centuries of Financial Folly
by Carmen M. Reinhart, Kenneth RogoffReinhart - This time is Diff

Interesting, and important but pretty dry. I would recommend for all those who say Australia’s debt ‘doesn’t matter’. This book shows that even if we are comparatively much better off than most countries, and have a comparatively low debt to GDP, that it still makes wise financial sense to move towards a low debt status. Indeed, the fact we are doing so much better is all the more reason to keep our noses extra clean.

This book had the exquisite timing of coming out during the GFC, but was not written to directly address it or the after effects, so it is a strong history and source of information without being dragged into the partisan debates about ‘austerity’.

That said, I ended up skimming it once I’d picked up the main themes. Useful to have on the shelf. Maybe i’ll learn more from it through osmosis if it stays there long enough.

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