5.25.2010
“by 2040, all federal tax revenues will be consumed by interest…of course it will never get there because that’s just impossible…what debtors will be sacrificed?”
“Inflation is everywhere a monetary phenomenon” – Milton Friedman
“Deficits everywhere are a political phenomenon” – Niall Ferguson
Niall Ferguson gives an excellent lecture on the dangers of hyper-Keynesian policies. He reviews the history of government debt, and explains the current trends and the mistakes being made by governments who over-borrow and misunderstand the dangers involved. He also explains how weak GDP growth compounds debt problems.
“Investors keep forgetting to learn from history no matter how hard I try to teach it!”
Let’s try to listen:
Q&A session
