We found information from tables in the excellent 2009 book of this name written by two professors from Harvard, Carmen M. Reinhart and Kenneth S. Rogoff. These tables show that the United States has experienced 13 banking crises since 1800, and not only survived but prospered, while Russia, Kenya, Angola, Hungry have had two, Romania, Angola, Algeria, and Zimbabwe, one. It is time to look at the business cycle as a natural function of a market economy. While we may not like the pain of the consolidation, it is helping the system to survive.Any objective reading of Reinhart's and Rogoff's book will show you that an economy subject to banking crises is a very fragile thing indeed, as banking crises tend to cause long-lasting damage to the economy and enormously increase a government's debt.The idea that significant cyclical recessions perform an important function in creating a resilient economy has merit, the idea that cyclical banking crises are a useful thing to have is absurd, and Rogoff would laugh at anyone who suggests that.
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