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Quote by Carmen Reinhart

“The essence of the this-time-is-different syndrome is...rooted in the firmly held belief that financial crises are things that happen to other people in other countries at other times; crises do not happen to us, here and now. We are doing things better, we are smarter, we have learned from past mistakes. The old rules of valuation no longer apply. Unfortunately, a highly leveraged economy can unwittingly be sitting with its back at the edge of a financial cliff for many years before chance and circumstance provoke a crisis of confidence that pushes it off.”

Quote by Carmen Reinhart

Author

Carmen Reinhart

Carmen Reinhart is a renowned economist, born on October 7, 1955. Her research focuses on macroeconomics, international finance, and debt crises. more

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