The surmise therefore is that, at least in matters of economics and finance, history repeats itself, not because it is an inherent trait of history, but because we don’t learn from history and let the repeat occur. I believe this surmise holds notwithstanding the spreadsheet error in the Reinhart-Rogoff research. 11. Has RBI history repeated itself? That is a judgement call.
We all know that the financial service sector has witnessed enormous changes, and that smooth functioning of payment systems is exceptionally important for the stability and efficiency of the financial sector – and this will never change.