“Within, I would say, the next six years, interest payments on the [U.S.] Federal debt will exceed the defence budget. I think that one of the clear lessons of history is that is a major turning point for any [global] power. From Spain in the 17th Century , The Netherlands in the 18th Century, through the Turks in the 19th Century, and British in the 20th Century: When you are spending more on your debts than [on] your Army or Navy, it’s all over as a great power.” – Niall Ferguson, in a 2010 lecture on sovereign debt and crises of public finance.
Jim’s Quote of the Day:
