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The Syllabus
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... See moreUS Debt level is a national security risk. Columbia Business School’s Pierre Yared’s reveals in a new paper: “A key insight of our model is that financial market factors such as greater debt capacity and a higher war premium can facilitate a hegemon’s rise to power because of the complementarity between military and financial dominance. It
“Any great power that spends more on debt service than on defense will not stay great for very long. True of Habsburg Spain, true of ancien régime France, true of the Ottoman Empire, true of the British Empire, this law is about to be put to the test by the U.S. beginning this very year.”
Niall Fergusonx.com