At the height of the Greek crisis, Niall Ferguson released a presentation detailing how sovereign debt crises have been happening for years.
Now with Ireland and its potential bailout back at centre stage, it is time to take a second look.
The Harvard and Oxford historian isn’t just explaining the “PIIGS” states, but the United States and United Kingdom too. It is about what these states are going to have to sacrifice to maintain stability, both fiscal and political, and can already be seen in proposals like that made by President Obama’s deficit commission this week, and Britain’s coalition austerity budget.
The speech, made at the Peterson Institute for International Economics, can be watched at their site, but we have the amazingly powerful presentation here.