Gold Classics Library

Row of books on library shelfA Gold Classics Library Selection

Golden Slumbers

graphic image of man with an armful of gold coins

by Kenneth Rogoff

In the third edition of The ABCs of Gold Investing, I make reference to the landmark book, This Time Is Different – Eight Centuries of Financial Folly by Ken Rogoff and Carmen Reinhart with the following observation:

In a later interview with the Financial Times [early 2012], Kenneth Rogoff reveals that ‘one of the reasons that Carmen Reinhart and I hit it off, is that we are both incredibly cynical about governments.’ Though I cannot vouch for the contents of Mr. Rogoff’s investment portfolio, such cynicism, it has been my experience, more often than not beats a path to gold’s door. Reinhart and Rogoff end the preface to the book with this prediction: ‘Unfortunately even before the ink is dry on this book, the answer will be clear enough.  We hope that the weight of evidence in this book will give future policy-makers and investors a bit more pause before next they declare, ‘This time is different.’ It almost never is.”

Dr. Rogoff, as you are about to read, does indeed have a soft spot for gold and for the right reasons. MK



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