The Beginning of the Endgame
August 12, 2011
The Big Bang Moment
Bang, Indeed!
“It’s the Economy, Dummkopf!”
The Long and Winding Road to Crisis
Are We Already in Recession?
So What Can We Do?
Home and then Ireland, London, and Geneva
Bang, Indeed!
“It’s the Economy, Dummkopf!”
The Long and Winding Road to Crisis
Are We Already in Recession?
So What Can We Do?
Home and then Ireland, London, and Geneva
I came away from Maine, and meeting with some of the most astute economists in the world, with a series of impressions that will be the core of this week’s letter. On Friday night, S&P downgraded US debt, and of course I need to comment on that. But as we talked the next two days and into the nights, I came increasingly to the opinion that this is indeed the Beginning of the Endgame. I must admit it has come about faster than I thought. But that is the nature of these things. And so, with no “but first,” let’s jump right in.
The Big Bang Moment
I think it relevant to start off by quoting from my book Endgame, where I quote in turn from what I think is the most important book of the last decade, This Time is Different: Eight Centuries of Financial Folly, by Ken Rogoff and Carmen Reinhart. I truly urge you to read it. The book is consciously designed so you can read the first chapter and the last five and get the thrust of the work. You can order it from www.amazon.com/Different.
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