The Descent of Finance

by David Jenyns on July 1, 2011

Niall Ferguson, Harvard professor, discusses the history — and future — of finance with Harvard Business Review editor-in-chief Adi Ignatius.
Video Rating: 4 / 5

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westpointinvest July 1, 2011 at 12:05 pm

twitter.com/#!/westpointinvest .. Gives daily financial opinions

ktaggart00 July 1, 2011 at 12:16 pm

@CorisDavis913

WRONG! He’s Scottish and sounds Scottish

qwert4327able July 1, 2011 at 1:04 pm

@CorisDavis913 hes scottish and has a strong scottish accent

FlyingNinja11 July 1, 2011 at 1:10 pm

Too much credit floating around the USA in the form of car loans, home loans, credit cards. In developing countries people pay mostly by cash. In US however, people hardly have ready cash to spend. I was talking to a professor at a high ranked university in the US who was earning above 100K/yr and he was saying how everything he earned went away on all the loans he took on his personal and family needs. This insanity of credit lending needs to get well regulated by the government.

hegang July 1, 2011 at 1:58 pm

His predictions have come true

juliusreea July 1, 2011 at 2:31 pm

nowdays finance system imho is biggest heist of mankind

8peregrint8 July 1, 2011 at 2:33 pm

@viktorhat
Quality of educational systems is not as important as the social ambitions of the population. The US has one of the highest productivity rates per person in the world regardless of the quality of their education.

IlRezzonico July 1, 2011 at 3:05 pm

@CorisDavis913 he’s Scottish – but he’s not an expert, he’s a bullshitter who pretends he is the only person in the whole world who knew the financial crisis was coming, although he was remarkably quite about it

GoldmarkIndustries July 1, 2011 at 3:05 pm

WHEN EVERYONE’S OUT FOR THEMSELVES, THEY WILL DESTIN THEMSELVES FOR “ECONOMIC” FAILURE. WE LIVE IN A WORLD OF GIVE AND TAKE.
-PEASANT TELEMARKETER & SHOE “SALESMAN”

chefshitpiece July 1, 2011 at 3:59 pm

@TomHartill Yeah, I think you are taking a position that has some merit, and one could argue it very well. Americans are a strange people, with a bizzare subculture.

TomHartill July 1, 2011 at 4:16 pm

@chefshitpiece – Well thats because America is a very insulated and isolated country. Most Americans are very biasd and arrogant and know nothing of the outside world. I can’t remeber the exact figure but I think that over 80% of Americans don’t own passports, while here in the UK the figure is almost opposite.

In US schools you are taught about America and not much about the outside world, I would even go as far to say that US elementary schools are nothing but propagander factories!!!

chefshitpiece July 1, 2011 at 4:47 pm

@TomHartill Great! Im in my last year of law at London School of Economics! Thanks for the heads up man, I couldnt be happier! But it doesn’t change the fact I have never, EVER in my life heard anyone I went to high school with say “Aw man! I cant wait to get into Uni of Bangledesh” while I have heard plenty off people say “Harvard….if only!”

TomHartill July 1, 2011 at 5:37 pm

@chefshitpiece – The fact still remains that the American educational system could be a hell of a lot better and is simply not as good as a lot of other countries.

The US education system can only be said to be good at a university level. Now take into account that only students with the cash actually get into uni, and then take into account that 1 in every 4 students will drop out.

I also read somewhere that a degree at the top US uni’s is only worth half of that of a top UK uni degree.

chefshitpiece July 1, 2011 at 5:48 pm

@TomHartill Beijing was a random example I picked to underscore a more genral point, which I shall now reword: I have been to 3 different high schools, and in my time I do not recall one student ever telling me how he planned to go study in another country. I have heard manhy students say they would love to go to Harvard or cross the pond so they could go to Oxford. This post started off as a discussion about economic collapse and where th eblame lies, not an educational excursion.

TomHartill July 1, 2011 at 5:50 pm

@chefshitpiece – “Beijing” lol, why would you even use that comparison?

The US has some of the worlds finest universities yes, but only becuase they are very privatised and only students with scholarships and bags of money get to go there. The cost of a decent education in the US is many, many times higher then most Europian countries. Besides having a few good Uni’s does not make a good educational system…

chefshitpiece July 1, 2011 at 6:07 pm

@TomHartill Well, go to NYU campus and walk around. YOu will see many foreign students. Now go to a university and Beijing, see how many American, CAnadian, or English students you see there. Virtually none.

TomHartill July 1, 2011 at 6:30 pm

@chefshitpiece – Why would you go to the states for a good education?

The only way you really get a good education in the states, is if you have a but load of money, otherwise the US really has a very below average education system.

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chefshitpiece July 1, 2011 at 7:08 pm

@viktorhat Well this is this and that is that…you want Oktoberfest, go to Germany. You want a good education, go to States or England. I think thats pretty much common knowledge, and im not interested in disputing the point with you. Its tedious.

viktorhat July 1, 2011 at 8:05 pm

@chefshitpiece Yeah, the US has universities like NYU and Duke… but it also has universities like Chico State. The US also has, on average, a really poor high-school system. May I mention LA unified school district? Also, the US has managed to kill off most of its industry. Compare the US to Germany.

chefshitpiece July 1, 2011 at 8:54 pm

@viktorhat Sorry, we seem to be walking into a definitional problem here: I dont like your line of reasoning, bcuz society by definition is MADE up of ‘the average’ .As to your second point I feel I have to disagree. US/Canada are some of the best educated countries in the world, (Harvard, Yale, Dartmouth, MIT, do I need to continue?), c’mon man, we have the ed, but the jobs are just not there anymore. Sorry man, I CANNOT agree with you! The facts do not support your line of reasoning.

viktorhat July 1, 2011 at 9:36 pm

@chefshitpiece Well, youre talking about the “average Joe”, but that is someone who has skills that are valued by society. I feel a problem of today’s society is that there are so many people who don’t have an education that helps them get a paid job.

chefshitpiece July 1, 2011 at 9:47 pm

@viktorhat I dont blame you guys and I dont blame the homeowners. BLAME the owners of business who have been scaling back real wages for 3 decades now. If the average bloke was making enuff cake to buy a home on wages alone, THEN this mess never would have happened. Why is everyone blaming the banks? its not their fault the average Joe not even make enuff dough to put a roof over his head!

doveisle July 1, 2011 at 10:36 pm

@CorisDavis913 I hear Scottish accent.

petersz98 July 1, 2011 at 11:31 pm

@CorisDavis913
He has a Scottish accent!

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