Ferguson N (2008), The Ascent of Money: A Financial History of the World, Allen Lane, London. Gerschenkron A (1962), Economic Backwardness in Historical Perspective, Harvard University Press, Cambridge. 23  I first heard this phrase in remarks by Ed Frydl at a conference many years ago – about a previous financial crisis. I have several times tried to find its origins.
To my knowledge Withers (1916) was the first to use the phrase. BIS Review 107/2010  11  Haldane A (2010), “What is the Contribution of the Financial Sector: Miracle or Mirage?”, in The Future of Finance: The LSE Report. Available at <http://www.futureoffinance.org.uk>. Kent C (forthcoming), “Two Depressions, One Banking Collapse: Lessons from Australia”, Journal of Financial Stability.