TRIGGERnometry The Debt Crisis No One’s Talking About - Sir Niall Ferguson
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Jan 4, 2026 
Sir Niall Ferguson, a renowned Scottish historian and author, delves into the intricate world of money and debt. He explores how trust shaped the origins of currency as IOUs and discusses the vulnerabilities of modern banking systems. Ferguson uncovers the historical significance of gold and silver, the evolution of public debt, and the role of financial innovation during the Renaissance. He warns about the impending debt crisis driven by welfare promises and demographic issues, urging a need for financial literacy in today's society.
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Money Is Trust Inscribed
- Money evolved as a trusted medium to replace barter, with early IOUs recorded on clay tablets in Mesopotamia.
- Most modern money is electronic ledger entries created by banks rather than physical coins or notes.
Gold's Historical Monetary Role
- Gold and silver were prized for scarcity, durability and appearance, leading to coinage and later gold standards.
- The gold link persisted until 1971, after which fiat currencies prevailed and gold became a central-bank reserve asset.
Potosí's Silver Fueled Empire
- Spanish conquest uncovered vast silver deposits like Potosí that funded imperial wars and global bullion flows.
- Those American mines financed Spain's continuous European wars and shifted monetary supplies worldwide.
