Professor and historian Niall Ferguson asks what the ramifications of the subprime crisis will be in the realm of grand strategy and politics.
Is this an historical turning point, marking a decisive shift in financial power from West to East? Or are rumours of the death of the dollar and the decline of American empire exaggerated?
- Hoover Institution
Bio
Niall Ferguson
Niall Ferguson, MA, D.Phil., is the Laurence A. Tisch Professor of History at Harvard University. He is a resident faculty member of the Minda de Gunzburg Center for European Studies.
He is also a Senior Research Fellow of Jesus College, Oxford University, and a Senior Fellow of the Hoover Institution, Stanford University.
Transaction between two parties in which one (the creditor or lender) supplies money, goods, services, or securities in return for a promised future payment by the other (the debtor or borrower). Such transactions normally include the payment of interest to the lender. Credit may be extended by public or private institutions to finance business activities, agricultural operations, consumer expenditures, or government projects. Large sums of credit are usually extended through specialized financial institutions such as commercial banks or through government lending programs.
I thought this guy was brilliant, it was not expected that his analysis would be so poor... irrelevant. I feel really better now that I know the crisis is hitting hard on the bad guys, enemies of the state... Maybe it should become a new diplomatic strategy. Put the world in crisis and you will never hear of Iran again.