More money has been lost because of four words than at the point of a gun. Those words are “This time is different.” What is certainly clear is that again and again, countries, banks, individuals, and firms take on excessive debt in good times without enough awareness of the risks that will follow when the inevitable recession hits. The lesson of history, then, is that even as institutions and policy makers improve, there will always be a temptation to stretch the limits. Just as an individual can go bankrupt no matter how rich she starts out, a financial system can collapse under the pressure of greed, politics, and profits no … Continue reading 国家財政と経済破綻（Carmen M Reinhart、Kenneth S Rogoff）