Inquiring minds are reading from down under, Niall Ferguson, who gave a speech on where the US is headed. He basically tells the US that we are like Wiley E. Coyote hovering in air just before he plummets to the ground:
“Imperial declines…are nearly always associated with fiscal crises,” and these fiscal crises are the result of the rising costs of servicing debt, according to Niall Ferguson (via Zero Hedge).
In a speech to the Center for Independent Studies in Australia, Ferguson breaks down why empires fall and the current threat to the U.S. through its own emerging fiscal crisis.
Beneath is the introduction, but the full speech is worth watching. He walks step-by-step through previous examples of imperial downfall. And the similarities between those empires, and the U.S.
Ferguson makes the following allegation:
“…the United States is on a completely unsustainable fiscal course with no apparent political means of self-correcting,” suggesting China, now selling U.S. Treasuries, may now be taking this view.
If you follow the link, there is a 10 minute video of Mr. Ferguson’s talk.
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