G20’s Fiscal Illusion – Refunding the Louisiana Purchase
Thursday, April 02, 2009 | Posted by: Brian Maguire
Categories:
Business
| Tags: innovation,
regulation,
financial innovation,
the ascent of money,
niall ferguson,
turner review,
derivatives,
alastair darling,
louisiana purchase
Niall Ferguson, Scotland’s finest export since steel, recently wrote that the development of credit and debt is: “as important as any technological innovation in the rise of civilization, from ancient Babylon to present-day Hong Kong.” Glasgow born Ferguson, a financial historian and Harvard professor, has delighted television audiences with his pithy presentation of The Ascent of Money. Despite all the monumental fiscal calamities he details, a recurring message is “We never really learn”.
