No it’s not different this time warns Professor Ken Rogoff

Professor Ken Rogoff warned that things are not going to be any different this time and that business leaders are underestimating the impact of the eurozone crisis in an interview last week in Davos with Bloomberg TV.

This is the last video from Davos that we will be publishing this year and also about the most sobering. Rogoff is the co-author with Carmen Reinhart of the seminal book ‘This Time is Different’ that systematically reviewed all the major financial crises of human history and found that they seldom are different.

Self-delusion and over-optimism about the future are human character traits and the fundamental reasons why we are all doomed to repeat the errors of the past.