Outstanding presentation by Niall Ferguson on the crisis and collapse of political and economic systems. Although the lecture occurred 2 years ago, it is even more relevant today. The Ad Orientem blog brought this to my attention, and helpfully says:
“This is an outstanding lecture on how countries get too heavily indebted and then suffer a ruinous financial collapse. If you want to understand what is going on now in Europe, and what is almost certainly going to happen here in the coming years, watch this lecture. I suggest starting at around the 8 minute mark to skip the introductions.”
I hope that you find it interesting, as it is a very important hypothesis.