[lbo-talk] Niall Ferguson bewails US imperial decline

Charles Brown cbrown at michiganlegal.org
Wed Sep 13 05:01:41 PDT 2006


Max B.

I don't think they're holding the bag. They're holding the dough. Defaulting in the way you describe would be the ultimate capitalist sin.

^^^^ CB: I don't know if I am accurately paraphrasing Hudson's thesis. Are you familiar with _Super-Imperialism_ ?

Don't they hold "loan notes" ? The idea is they can't get all their money without breaking the system , pulling the building down on themselves, I think. I'll try to find a summary.

They are the ulitimate capitalists, so they can't sin against capitalism. What's good for "them", is good for capitalism

^^^^^^

IMO NF exaggerates the US budget problem.

^^^^ CB: You're a deficit spending, Keynesian type-a-guy anyway, no ?

^^^^^^

The trade deficit suggests a nasty "hard landing" recession in the future, but the wealthy can ride those things out.

mbs



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