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 effects of time, which can obscure urgent dangers.

Ferguson highlights that the abundance of liquidity in the financial markets created a false sense of security, blinding individuals and decision-makers to the risks accumulating around them. As bad investments and unsustainable practices continued to thrive, the temporal distance from past crises may have led to a lack of vigilance regarding potential future calamities. This dynamic illustrates how human perception can lag behind reality in the face of misleading economic conditions.