why, when its causes today seem so numerous and so obvious, were contemporaries so oblivious of Armageddon until just days before its advent? One possible answer is that their vision was blurred by a mixture of abundant liquidity and the passage of time.
In "The Ascent of Money," Niall Ferguson explores a critical question regarding the lack of foresight among contemporaries leading up to significant financial crises, particularly the looming threat of Armageddon. He suggests that despite the clear and numerous warning signs visible today, people at the time were largely unaware of the impending disaster. This ignorance can be attributed to a combination of factors, including the plentiful availability of money and the...
