THIS TIME IT REALLY IS DIFFERENT

摘要

ASTUTE READERS WILL NOTE THE REFERENCE TO A CLASSIC WORK BY REINHART AND ROGOFF IN THE TITLE HERE. THERE THE AUTHORS' THESIS IS THAT CENTRAL BANKERS, POLICYMAKERS AND INVESTORS INVOLVED IN THE COLLAPSE OF EVERY HISTORICAL BUBBLE GOT THERE BY REMAINING UTTERLY CONVINCED THAT, IN TERMS OF ECONOMIC EVENTS, "THIS TIME IT'S DIFFERENT." TODAY, THERE IS ANOTHER EQUALLY SERIOUS BUBBLE EMERGING THAT WE OUGHT TO WORRY ABOUT. IT IS THE OVERCONFIDENCE IN WHICH FUTURE ENERGY SUPPLY AND DEMAND RESIDE.