Niall Ferguson: The Global Financial Crisis
Monday, August 17th, 2009 at
11:49 am
For the United States to contend with a financial crisis on this scale is fiscally possible, says Ferguson. The situation is actually much worse for Europe and for the petro-powers. This Carnegie Council event took place on November 20, 2008. For the full video, audio, and transcript, go to www.cceia.org
Tagged with: BRICs • energy exporters • Europe • global financial crisis • Iceland • national debt • Niall Ferguson • petro-powers • recession
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I never knew Ferguson was more than an historian, but this is good talk.
He’s not anything more than a historian really. He’s just a historian of financial and imperial history, which puts him in a perfect position to comment about the modern financial crisis. Indeed he’s more qualified than an economist, because most economists only tend to acknowledge the last 50 years of financial history. Don’t forget historians are also economists, geographers, anthropologists, political scientists etc depending on what field of history you work in.
Hmm…I obviously didn’t think of it that way, but that does make a fair bit of sense.
He’s an ECONOMIC historian, so that is to say his historical lens is that of finance. In a sense he is an economist with historical observances. He doesn’t work in a history department either. He works in harvard’s buisness shcool.
Exporters always do badly at the beginning of a recession or depression, but then as production volumes and inventories fall, the importers actually suffer more – because they can no longer deficit spend.
Why is the 800 billion dollars bailout such an issue when America spends 3-4 trillion per month in Iraq?…
To date, $656.1 billion dollars have been allocated to the war in Iraq by America. To comment on message boards you must have a second grade education
I kinda like his take on the “Petro Powers” countries like Dubai are totally dependent on oil money. They are trying to create a trouist destination, but this global crisis is bad timing for them. I think UA has built up a bubble and will pop with no one to save them.
All analysts need to explain why printed money dominates in trade and nobody is able to promote new vehicles? Is money being controlled similarly like combustion engines need cruel oils that handicap our accessing options and labor effort? Why should human effort be suppressed by printed cash for accessing basic necessity when trade credit can be extended to points beyond recoverable repeatedly? How cash legal such context? Automate first our access (don’t rip us off), then trade.
My understanding is more like $50b a mth for iraq but thats still $600b a yr!!!! but who knows as the US govt does alot of creative accouting!!!!!
: “the largest imaginable deficit in peacetime”
Peacetime?
I guess,then, that this brit-style fellow( look at the awe-striken audience!) considers the two present – or should we say three- US-wars against 200 million people “peacetime”.
Thats a stand!
Ferguson is already behind! The price of oil is already rising.
exactly he is ignoring the fact that China is shifting from currency to commodities in a big way