23 April, 2021

'Asian Century? Only After An Asian Google'

The counterfactual historian from Harvard, Oxford and Stanford draws on financial history to predict the road ahead

'Asian Century? Only After An Asian Google'
outlookindia.com
-0001-11-30T00:00:00+05:53
Renowned British historian Niall Ferguson’s new book The Ascent of Money (published by Allen Lane) comes out at a time of grave financial crisis. In an interview with Sunit Arora, this counterfactual historian from Harvard, Oxford and Stanford draws on financial history to predict the road ahead:

I can’t resist starting with a counterfactual question: if this global economic crisis hadn’t happened, would Barack Obama have won?

I have been asking that very same question myself. And the answer would be possibly not, because the timing was perfect from the Democrats’ point of view. Historical experience strongly suggests that a shock like that is very unfavourable to the incumbent party. In that sense, Obama does indeed have finance to thank for his victory.

You’ve dubbed the economic situation in the US as "The Great Repression". How does it look?

The US policy is an attempt to repress a depression by pumping liquidity into the banking system—and has so far been successful. We’re not looking at a great...

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