Niall Ferguson: “The UK Is Sign of Things to Come for the US…”

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Subject:	Ferguson: "The UK Is Sign of Things to Come for the US…"
Date:	Mon, 21 Jun 2010 18:44:53 -0700
From:	Jas Jain

Ferguson: "The UK Is Sign of Things to Come for the US…"
http://www.cnbc.com/id/15840232?video=1526932894&play=1

Thanks, Lando, for the link. Yes, his take on Yuan revaluation and his prognostication on the US are worth watching.

David Rosenberg is my favorite economist on the US economy and Niall Ferguson is my favorite economic historian, now living, on the Anglo-Saxon world. But, be careful when Prof. Ferguson talks about prospects for India vis-à-vis China based on spending a week or so in India and then concluding that prospects for India are better because of India having "the rule of law." Sorry, professor, the English and the Scots, your ancestors, no longer run the Indian government. Corruption trumps rule of law any day of the week and modern form of democracy, not the one under which your great grandfather lived, breeds corruption like you wouldn't believe. Corruption has by now been enshrined in the American laws and it has become a normal way of doing things. Just look at the housing "industry," supported by govt-sanctioned fraud. Also, there is lot of nepotism in America, along ethnic and racial lines, and in India facilitated by democracy where the political power goes to the ones that can be bought.
The world is simply in denial of the threat posed by democracy. The Greek govt is just a small fish caught in the trap. Wait until the biggest fish is trapped and killed for grand feast for the Chinese. Come all, there is enough to eat for everyone.

Jas