Ferguson’s Law states that any great power that spends more on debt service (interest payments on the national debt) than on defense will not stay great for very long. True of Hapsburg Spain, true of ancien régime France, true of the Ottoman Empire, true of the British Empire, this law is about to be put to the test by the US beginning this very year, when (according to the CBO) net interest outlays will be 3.1% of GDP, defense spending 3.0%.
Niall Ferguson: China, Russia, Iran axis is bad news for Trump and GOP isolationists – Bloomberg, 4/21/24
The Ascent of Money: Niall Ferguson | Episode 4
Final episode — PLANET FINANCE — of a four-part series THE ASCENT OF MONEY. Economist and historian Niall Ferguson documents the evolution of money and banking through the ages.
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The Ascent of Money: Niall Ferguson | Episode 3
Third episode — RISKY BUSINESS — of a four-part series THE ASCENT OF MONEY. Economist and historian Niall Ferguson documents the evolution of money and banking through the ages.
Part 1:
http://youtu.be/NXe2B9icKQ0
Part 2:
http://youtu.be/095xF7uwYyE
Part 3:
http://youtu.be/-lAITBURfXQ
Part 4:
http://youtu.be/zfJPvvj5R2M
The Ascent of Money: Niall Ferguson | Episode 2
Second episode — BONDS OF WAR — of a four-part series THE ASCENT OF MONEY. Economist and historian Niall Ferguson documents the evolution of money and banking through the ages.
http://youtu.be/OND8fI15AYU
The Ascent of Money: Niall Ferguson | Episode 1
First episode — FROM BULLION TO BUBBLES — of a four-part series THE ASCENT OF MONEY. Economist and historian Niall Ferguson documents the evolution of money and banking through the ages.
http://youtu.be/S_zzbOQ4_Dk