Tuesday, September 03, 2019

Niall Ferguson's "The Ascent of Money, A Financial History of the World"

Thoroughly enjoyed this one. 

Some others like it and others not so much.


Two parts that stood out to me from my 27+ years off and on in the military, and especially prominent after last year at the War College and in certain special projects:

1. We studied some history of war during that year and even classical war literature- Thucydides and those way back types- acknowledge that war is an expensive proposition. If you want to fight one, behind the question of "can I fight and win" is the question of "can I (or my country) pay to make it happen?" While not a particularly prominent piece of this book, it does get addressed and added to my thoughts about it.

2. With a paperback version printed in 2009, it had some thoughts and analysis about what had recently happened (financial crisis, MBS and CDOs, bailouts of large financial institutions), but what I found even more interesting were comments and analysis musing about the future. Specifically, questions about "what would it be like if the U.S. and China, rather than cooperating as the two largest economic powers, started competing as adversaries or enemies." And here we are, a couple of days after the latest round of tariff increases/levies, with businesses and consumers negotiating the uncertainties of the "easy to win" trade war.

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