Harvard Prof. Niall Ferguson on Decline of America and Rise of a New Global Economic Order 2/3

[Matier2064]

8:34. Help me God. 

[sammoreton1]

Since 2 years ago, USA deficit has grown from $9 T to $14 T dollars, I don't know what can be accomplished by political will and innovative corporations when this is the state if affairs

[88roro11]

and our exports have not really increased.. and not much has changed.. out nat debt is only 5 trillion more :P

[m1trekker]

It is useful in academia to say something controversial, it gets you noticed but doesn't mean to say you are right.

[particalman86]

@m1trekker This was posted in 2009, I'm assuming that this was recorded before Nov 2009. Its September 2011. Niall says what he think is going to happen to our economy. And he is right. I don't understand what point you are trying to make.

[m1trekker]

@particalman86 Most of Ferguson's comments are obvious. The rise of China was well understood in 2009 so hardly surprising in 2011. To suggest US default is just getting a headline to sell a book. The US will not default. The US sits on some of the most innovative companies in the world. The US can solve its deficit problems quite easily given political will. I think that is also well understood in 2011.

[zuzupetals1999]

Someone needs to teach Charlie Rose the meaning of the term "Shut the Fuck up". What a tool.

[SlyngBlade]

@zuzupetals1999 word - on charlie rose!  lmao - that stupid fuck!

[equsnarnd]

Charlie Rose doesn't know shit from Shinola but he reads other people's emotional response to events and decides reality based on that. The true second hander. No opinion of his own, just living off the psychological states of other people. Pitiful!

And the idea that we can carry huge amounts of debt and this is cool, and that we can trash the dollar and that will help our exports is truly idiotic!

[sebar345]

The comparison with Argentina misses two important differences:

-Argentina issued most of its debt in dollars given the lack of confidence in the local currency, so they had little control over monetary policy.

-Argentina adopted a fixed exchange rate, so a depreciation that allows a competitiveness increase was not available. Only a traumatic devaluation was possible.

US issues debt in its own currency and affects dollar exchange rates, so US is less susceptible to financial market fears.

[Opn10]

Scary stuff

[BatusaiJack]

brilliant...

[arrotoxietak]

UK, US are finished. Just look at their "next generation". In most of Europe there will not ever be a next generation. The West will be totally destroyed within 50 years.

[badsign1980]

racial superiority complex, dumb shit when they see their whole arrogant way of life and their dumb beliefs of superiority going in flames they start kissing asians asses right away and spitting on the others the fed them good, south america is been raped and put down by usa brazil arg have much better chances then china to be next world powers because of 2 simple reasons... reasources and less people china was too many people even if they produced all the goods in the planet they still be poor

[bencawley1]

I might get some plastic surgery done on my eyes get an asian style spray tan call myself yuen low and fuck off to china

[lusaka99]

@bencawley1 looooooooooooooooooooooooooooo­oooooooooooool add we have to speak mandaron and watch chollywood and watch chinease stars how the live

[mishalkmh]

that arrogant american interviewer knows nothing... the least he can do is let mr.ferguson finish speaking..

[poiuitreuq]

incredible, only a man with such a knowledge might give such a speach about it

[redxenos]

Argentina certainly was NOT the 4th richest country in the world 100 years ago! Either in terms of GDP or GDP per capita. Where the hell did he get that information!?

[buldhana]

What the savings economies of India and China can in future do is take over companies in UK and US.

[ironhills]

Paul Krugman "loves" deficits?

[Clichyabarbes22]

@ironhills Krugman loves stimulus & stimulus creates deficits

[ironhills]

@Clichyabarbes22 You need to stop watching foxnews, dude.

[sonnykrulezz]

This guy is very smart but peter schiff is even smarter. Niall Ferguson less than an year ago was making the point that the United States would come out ot the crisis and would remain the pre - eminent power . However in RETROSPECT looking at the growth in China and asia he changed his views. Peter schiff predicted not only the financial crisis but also predicted that China and the rest of asia would be unscaved and growth very much intact . This was 4 years before either of the even occured !!

[spacemonkey086]

It is a bit scary to think that authoritarianism can work economically. I hope that china does increase per capita GDP, maybe prosperity will eventually demand some sort of political reforms.

[chinaownsusa]

you can tell charlie has slight knowledge of the economy

[hegemonymony]

How can America turn this mutha effa around?

We have a deplorably stupid publicly educated society... how can we possibly communicate this Niallism to them?

I want to be optimistic... but it's difficult.

[BalkanibalX]

Naill Ferguson often says that the US will bounce back with innovation, cos' they still have "academic firepower" to do so.

Now listen to this, I am from a small European country (Croatia) and a lot of my innovative countrymen moved to USA in 19 and 20 century, but my generation, if they are smart and able, go to China more and more. Our traditional brain-drain is starting to go east, to our big surprise

[BalkanibalX]

I'll give you a true example how did the Chinese recruit some of my friends. Last year their representatives simply came to the Zagreb university and offered full scholarship, decent pocket money, free books, accommodation, food and PhD, to all students learning Chinese who have MBA of some other studies (electrotechnics, languages, medicine...anything). Now everybody is interested in that program. Good bye Croatian barins :)

[spacerumsfeld]

@hegemonymony The citizens aren't running the show, anyway.

[congress465]

A shining light on what is coming to America if fiscal reform is not put in place

[MarcusCMarcellus]

Charlie Rose is like a mentally retarded child! Buffet's RR purchase is NOT a vote of confidence but a projection of massive inflation as a result of Ferguson has been trying to tell this suited monkey. Rose's smug smile when Ferguson mentioned Argentina could be taken as the symbol of that peculiar American ignorance and arrogance that has done the country in. Argentina is we're lucky; Wiemar if we're not.

[danben72]

@MarcusCMarcellus

You hit the nail on its head.There was a piece with Buffett on 1st of October 2008, where it is so obvious that Buffett has shit his pants because of the danger to loose everything once the deflation spiral gets going.Both are trying to sell to the public the "great" idea to let the public foot the bill of irresponsibility in the financial sector including Buffett.The public has to wake up and take action to demand justice.Greece's people courage is a good example.

[chined86]

I love this man 'Niall Ferguson'.

[jamesgambino]

america is the new zimbabwee

[hcwcars1]

683

[shouldlistentoronpau]

I think the RR purchase by Buffet would be highly profitable if we suffer inflation. Like the Harrison wrote $4+++++ fuel cost makes RR more desirable form of transporting goods.

I'm a new fan of this Niall Ferguson, I greatly enjoy listening to intelligent people. Thanks for posting.

[HarrisonCountyStudio]

Warren Buffet is right about RailRoads. They will come back for a number of reasons. We have just postponed a depression with stimulus spending. RR will provide cheap transportation of goods when Fuel costs hit $4 + .