Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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Financial Repression and Debt Cycles

Secular themes

Holding real rates below growth to inflate away debt, and the long credit cycles that make it necessary. The canonical statement of the mechanism is Reinhart and Sbrancia's paper The Liquidation of Government Debt.

Books 8Experts 2Recommenders 7

Start here

  1. Lords of FinanceLiaquat Ahamed, 2009
  2. House of DebtAtif Mian, Amir Sufi, 2014
  3. This Time Is DifferentCarmen M. Reinhart, Kenneth S. Rogoff, 2009
  4. Big Debt CrisesRay Dalio, 2018
Lords of FinanceLords of Finance
T1 Lords of Finance
Liaquat Ahamed · 2009
Open LibraryGoodreads

How four central bankers and the gold standard turned a slump into the Depression.

“I'm going to use "classic" again but rightfully so.” — Christopher Bloomstran

Source: Semper Augustus 2020 Letter to Clients, 'To Read or Not to Read', p. 57

Recommended by: Christopher Bloomstran, Mohnish Pabrai

This Time Is DifferentThis Time Is Different
T1 This Time Is Different
Carmen M. Reinhart, Kenneth S. Rogoff · 2009
Open LibraryGoodreads

Eight centuries of defaults and banking crises show the same patterns recurring.

Recommended by: Mohnish Pabrai and 3 others

Debt: The First 5,000 YearsDebt: The First 5,000 Years
T2 Debt: The First 5,000 Years
David Graeber · 2011
Open LibraryGoodreads

Debt came before money and barter, and its history is one of forgiveness and revolt.

Recommended by: Patrick Collison

The Great RebalancingThe Great Rebalancing
T2 The Great Rebalancing
Michael Pettis · 2013
Open LibraryGoodreads

Trade imbalances come from policies that hold down household consumption.

House of DebtHouse of Debt
T2 House of Debt
Atif Mian, Amir Sufi · 2014
Open LibraryGoodreads

County data showing household debt, not the banks, caused the Great Recession.

The Only Game in TownThe Only Game in Town
T2 The Only Game in Town
Mohamed A. El-Erian · 2016
Open LibraryGoodreads

Central banks holding rates down because no other authority will act.

Recommended by: Mark Cuban

Big Debt CrisesBig Debt Crises
T2 Big Debt Crises
Ray Dalio · 2018
Open LibraryGoodreads

A template for how big debt crises unfold, with detailed case studies.

The Price of Time
T2 The Price of Time
Edward Chancellor · 2022
Open LibraryGoodreads

title confirmed on edwardchancellor.com

More secular themes

← ESG and Sustainable InvestingNuclear and Uranium →All secular themes