One of my all-time favorite economic historians is Harvard’s Niall Ferguson, who does a very good job dissecting the transatlantic political and economic cultures with characteristic British clarity in erudition.
He’s not perfect, however: witness his bad judgment in affixing his name to a worn-out political rag like Newsweek. But, I digress…
In this nonetheless excellent article, he concisely chronicles the descent and impending collapse of the EUro-zone banking system and its political repercussions. Some might take solace in the fact that EUro-banking and welfare systems will collapse ahead of our own, but I don’t. Our economic well-being is very much entwined with Europe’s. One notable benefit that Ferguson does confer upon us is to clearly differentiate between Europe’s impending banking system collapse and our own fiscal and economic crises: these are two very independent phenomena, albeit derived from the same disease (i.e., living way beyond our means). What cannot be denied, however, is that Western civilization is about to confront a very massive economic upheaval that will have dramatic social and political consequences.
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