'This Time is Different' is the title of a celebrated book which came out with exquisite timing in 2009. Written by US economists Carmen Reinhart and Kenneth Rogoff, it told the story of various bubbles, crashes and defaults through history.
The title comes from a mantra often heard at the height of booming economies. We’re not going through a crash precipitated by a property bubble, credit boom or any form of 'irrational exuberance'.
But this time, truly, is different. This week we got a first glimpse of the impact Covid-19 is likely to have on our economy.
We also saw the very real impact it’s already having for the hundreds of thousands of workers who have lost their jobs, some hopefully only temporarily.