Monday, January 3, 2011
Niall Ferguson: "The Nasty Fiscal Arithmetic of Imperial Decline"
Here is an excellent lecture by the renowned economic historian, Niall Ferguson, titled "Empires on the Edge of Chaos." Ferguson eloquently argues that the United States is on a path towards financial ruin as its extraordinary fiscal deficits reach crisis levels - levels that historically have resulted in the sudden (not gradual) collapse of the world's great empires. While I do not agree with all of his lecture, I found it compelling and insightful.