Niall Ferguson
Financial innovations like credit, bonds, and stock markets are not merely tools of the wealthy, but core financial institutions that have shaped the rise and fall of societies throughout human history.
The value of money derives primarily from the collective trust a society places in it rather than the intrinsic physical worth of its materials.
The invention of credit and debt catalyzed human progress by allowing static wealth to be transformed into dynamic capital that funds ambitious economic endeavors.
The bond market often shapes the outcomes of major geopolitical conflicts by determining which competing nations can successfully finance their military efforts.