February 27th, 2009 5:38 pm
" “There will be blood” — Niall Ferguson, speaks in Ottawa. Does the crisis mean a new American century? Video at the link. “We are getting the deficits of a World War without a war.”
“A crisis of globalization”
" “There will be blood” — Niall Ferguson, speaks in Ottawa. Does the crisis mean a new American century? Video at the link. “We are getting the deficits of a World War without a war.”
Ferguson observes that much of US consumption — indeed much of the Obama administration’s deficit — will be financed from overseas. And why do foreigners lend America money? Because crisis isn’t American. It’s global. And despite it’s weaknesses, the United States, was due its institutional strengths, the best bet in a storm. That combination of characteristics made it a safe(r) haven in the the coming upheavals. As Ferguson puts it, the current crisis “hits others harder than the United States”. "
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