Saturday, April 9, 2016
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 Outdated economic ideas guided the decisions of governments and central banks, while the key individuals were revealed in contemporary photographs as fuddy-duddies who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