All empires have depended on local legitimacy and local collaboration; they are not based primarily on coercion. An imperial rule that relies wholly on coercion can't endure. It's too expensive.
Niall FergusonIf young men have jobs - or the prospects of jobs - they are less likely to take up arms, they are less likely to join the resistance.
Niall FergusonWhen bond prices fall, interest rates soar, with painful consequences for all borrowers.
Niall FergusonI refuse to accept that Western civilization is like some hopeless old version of Microsoft DOS, doomed to freeze, then crash. I still cling to the hope that the United States is the Mac to Europe's PC, and that if one part of the West can successfully update and reboot itself, it's America.
Niall Ferguson