Niall Ferguson: "The United States Is On A Completely Unsustainable Fiscal Course With No Apparent Political Means Of Self-Correcting" [video, 10 minutes]

"Imperial declines...are nearly always associated with fiscal crises," and these fiscal crises are the result of the rising costs of servicing debt, according to Niall Ferguson (via Zero Hedge).

In a speech to the Center for Independent Studies in Australia, Ferguson breaks down why empires fall and the current threat to the U.S. through its own emerging fiscal crisis....