I had this book in the pipeline. It is a bit technical but is interesting as it tries to provide data for several centuries about financial crisis. That is quite challenging not just because governments from middle age didn’t have much accountability but even nowadays the authors struggled getting hard number regarding domestic debt.
The book was written about the subprime crises in 2007-8 so that’s the main focus to proof that the event is not that different from other crisis. And it is remarkable how many crisis I have been through since 1980s without really noticing (but my parent sure they noticed…)
The book preface is super direct. The one common theme to most crisis is the excessive debt accumulation (governments, banks, corps, consumers). Even during a boom. So debt-fueled booms are not very healthy. And it was proved during the subprime that the financial markets dont correct themselves.
One of the most interesting points of the whole book is the evolution of default-prone countries (like France and Spain) to “stable” ones. This graduation process is long and hard, and not many pass the exam. As well, there are a lot figures about deb before 1929 crash, post WWII to put thing in perspective.
So it was interesting read mainly for the historic background and our psychological naivety during crisis times. At the end of the day, the economic is a cycle.