Bullets from Niall Ferguson interview in Globe & Mail.
- “It’s almost paradoxical that an American crisis … reinforces the status of the United States as a safe haven.”
- “It’s tempting to conclude from that … that Canada will be less hard hit in the crisis than the United States. But that is unfortunately wrong. Because this is a very unfair crisis. The epicentre is the United States, but the rest of the world, and particularly America’s trading partners, will get hit harder than the U.S.”
- “As you know, Chimerica – the fusion of China and America – is one of my big ideas.”
- Heather Scoffield: “Is a violent resolution to this crisis inevitable?”
Niall Ferguson:“There will be blood, in the sense that a crisis of this magnitude is bound to increase political as well as economic [conflict]. It is bound to destabilize some countries. It will cause civil wars to break out, that have been dormant. It will topple governments that were moderate and bring in governments that are extreme.”
- “In the Ascent of Money, I argue that you can’t really have a bubble if you don’t have a monetary authority that has been excessively generous.”
(Tip to Paul Kedrosky’s Infectious Greed for reminding to read my morning paper)