The period of financial distress is a gradual decline after the peak of a speculative bubble that precedes the final and massive panic and crash, driven by the insiders having exited but the sucker outsiders hanging on hoping for a… — Charles P. Kindleberger Copy Share Image
The propensity to swindle grows parallel with the propensity to speculate during a boom the implosion of an asset price bubble always leads to the discovery of frauds and swindles — Charles P. Kindleberger Copy Share Image
Debasement was limited at first to one’s own territory. It was then found that one could do better by taking bad coins across the border of neighboring municipalities and exchanging them for good with ignorant common people, bringing back the good coins and debasing them again. More and more mints were established. Debasement accelerated in hyper-fashion until a halt was… — Charles P. Kindleberger Copy Share
“In Chapter 5 we consider swindles and defalcations. It happens that crashes and panics often are precipitated by the revelation of some misfeasance, malfeasance, or malversation (the corruption of officials) engendered during the mania. It seems clear from the historical record that swindles are a response to the greedy appetite for wealth stimulated by the boom. And as the monetary… — Charles P. Kindleberger Copy Share
Money is a public good; as such, it lends itself to private exploitation. — Charles P. Kindleberger Copy Share Image
The period of financial distress is a gradual decline after the peak of a speculative bubble that precedes the final and massive panic and… — Charles P. Kindleberger Copy Share Image
“This book is an essay in what is derogatorily called "literary economics," as opposed to mathematical economics, econometrics, or (embracing them both) the "new… — Charles P. Kindleberger Copy Share Image
The propensity to swindle grows parallel with the propensity to speculate during a boom the implosion of an asset price bubble always leads to… — Charles P. Kindleberger Copy Share Image
Much of the profession is empirically bankrupt because it is no longer taught economic history. — Charles P. Kindleberger Copy Share Image
What matters to us is the revelation of the swindle, fraud, or defalcation. This makes known to the world that things have not been… — Charles P. Kindleberger Copy Share Image
There is nothing so disturbing to one's well-being and judgment as to see a friend get rich — Charles P. Kindleberger Copy Share Image
