Is World's Only Super-Power Still Super?
Niall Ferguson says something in this recent presentation that I think is important as a stand alone comment.
You only believe this because you are basing your assessment on your own experience. And that is too small a data set.
His comments refer to his reaction to Ben Bernanke a couple of years ago (at about 1:50 into the above video), who thought that we'd moved into a new economic era in which the big risks in financial markets had now been assigned to those large enough to carry those risks.
Even if you've had 25 years on Wall Street, you cannot imagine what it might be like if a really big liquidity crisis struck.
But the observation strikes me as one that is relevant to ourselves as a culture. In our world, if it isn't on TV, Youtube, Twitter, etc, it doesn't exist. In other words, our lack of historical context makes us dangerous - to ourselves, at the very least.