Harvard and Oxford historian Niall Ferguson has unleashed his latest lesson on the history of sovereign debt crises, and it is a thorough and complete explanation of what the world is going through now, and what it can expect in the near future.
This isn't just about the "PIIGS" states, it is about the United States and United Kingdom, and their very real crisis in public finances. It is about what these states are going to have to sacrifice to maintain stability, both fiscal and political.
The speech, made at the Peterson Institute for International Economics, can be watched at their site, but we have the amazingly powerful presentation here.
