Economics now from an historical perspective

[johnny9fingers]

http://www.guardian.co.uk/books/2009/may/25/hay-festival-niall-ferguson

Now I'm not going to say I want  everyone to read this: just anyone interested in the economies of the world.

A sound lad, that Ferguson. Should go far.

Comments

[tripinthehead33.livejournal.com]

I mentioned a decade ago that the US would fail to pay it's debts, and other countries would likely invade to collect what was owed in order to survive the backlash. Everyone thought I was young, and out of my mind. If these countries start folding, my prediction may come true. Those 3rd world countries who just barely make due producing things for the major economic powers that be now will simply be forced to invade or starve if all of these countries economies collapse. Nothing will be purchased, no money or food or medicine will be going to these other countries. It shall be a slow ripple effect which may trick some into thinking things will be ok, in their area of the world for 6 months to a year. Until the wave hits a wall and rebounds back with more force and destroys everything in its path.

I shudder to think what will happen if say, China's economy doesn't survive, and they opt to go the way of the fascist powers in the 30's and 40's. If they switch from producing toys and household gadgets to war production, they have the manufacturing and man power to crank out enough guns to simply outfit the billions of people there and overrun several countries by land.