Niall Ferguson
Financial innovations like credit, bonds, and stock markets are not merely tools of the wealthy, but the fundamental engines that have driven the rise and fall of civilizations throughout human history.
The value of money derives entirely 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 effectively dictates the outcomes of major geopolitical conflicts by determining which competing nations can successfully finance their military efforts.