Top 65 Quotes & Sayings by Niall Ferguson - Page 2

The Japanese Co-Prosperity Zone began as a racist utopia and ended as a cross between an abbatoir, a plantation and a brothel.

If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.

You really struggle to be a successful empire if you are also the world's biggest debtor.

Why did the Germans and Japanese keep fighting after 1943 when every rational hope of victory had disappeared?

When bond prices fall, interest rates soar, with painful consequences for all borrowers.