I've been saying it for years, but finally people are seeing the truth:
Paul Lim: What was the root of this crisis? Was it the housing meltdown, a lack of regulation, too much cheap money
Niall Ferguson: The origins lie in globalization itself. You couldn't really imagine the credit bubble or the housing bubble of 2001 to 2007 taking place without the great flow of cheap capital from Asia to the U.S., which financed U.S. deficit spending. This was also a story of innovation. Financial history is an evolutionary story. And we saw a great flourishing of new financial species in the conditions made possible by globalization.
Rest of the interview.
Book details here.
Maybe this should have been called "The decline and fall of the Financial Empire"
They tried to keep the financial bubble rolling by playing hot potato. "don't pick it up, don't pick it up" but it failed.
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