Originally Posted by Henry Chinaski
Video of Niall Ferguson speaking at the Petersen Insitute last week.
Should be interesting for anyone with an interest in the issues of this thread. he's a superb speaker and you don't need a doctorate in economics to understand him.
Some interesting stuff about how the US and UK are "outpigging the PIGS" (25 mins onwards), performaing worse than the PIGS in terms of projections for future debt as % of GDP and interest payments as % of GDP. Also some stuff I'd never heard of about huge inflation in food prices in the US.
The key issue from his historical perspective is when a governments start to spend a rising proportion of tax revenues on interest payments. That's when countries start to get in deep shit.
It's long but a surprisingly easy watch.
There is absolutely no doubt about it. It's a slow-moving train wreck.