“History isn’t about smooth lines and projections that follow nice curves. On the contrary it is very non-linear, and every now and then a black swan will fly across your screen and change everything....The EFSF (European Financial Stability Fund) is just a ponzi scheme in which governments that are already in the red pledge to get even deeper into the red to bail out those of their number that have lost credibility in the bond market. There is a row of countries waiting to lose credibility in the bond market right now, and I am not convinced that this is anything other than a very temporary stop-gap.”
Niall Ferguson, Professor of Economic History, Harvard University, and author of “Civilization: the West and the Rest”. Quoted from a recent Bloomberg TV interview
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