Saturday, April 9, 2016

Opening paragraphs.............

History is what happened before you were born.  That is why it is so hard to learn from history:  the mistakes were made by the previous generation.  As a student in the 1960s, I knew why the q930s were such a bad time.  Outdated economic ideas guided the decisions of governments and central banks, while the key individuals were revealed in contemporary photographs as fuddy-duddies who wore whiskers and hats and were ignorant of modern economics.  A younger generation, in academia and government, trained in modern economics, would ensure that the Great Depression of the 1930s would never be repeated.

Mervyn King,  The End of Alchemy:  Money, Banking, and the Future of the Global Economy

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