"Economists Scour History for Clues to Avoiding the Next Financial Disaster A new study is shedding light on the eerie similarities between ancient civilizations and modern-day financial crises. From the Babylonians' debt defaults in 1700 BC to the Savings and Loan scandal of the 1980s, which ultimately contributed to the 2008 global economic downturn, historians and economists are uncovering a pattern of reckless borrowing and financial recklessness that has repeated itself across centuries. By examining the past, researchers hope to identify warning signs and develop strategies to prevent the next big financial meltdown. But what other lessons can we learn from the annals of history to safeguard our economic future?"
The Babylonians had debt defaults. The S&L scandal led to 2008. What else does the past tell us?
