Quote of the Week

This Time is Different (Reinhart & Rogoff)…[T]he experience of debasement illustrates many important points. Of course, it shows that inflation and default are nothing new; only the tools have changed. More important, the shift from metallic to paper currency provides an important example of the fact that technological innovation does not necessarily create entirely new kinds of financial crises but can exacerbate their effects, much as technology has constantly made warfare more deadly over the course of history.

— Carmen M. Reinhart and Kenneth S. Rogoff, This Time is Different (Princeton: Princeton University Press, 2009), p. 179.

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