Wednesday, February 2, 2011

Niall Ferguson on the Egyptian Crisis

Niall Ferguson, the very sage double PhD in History and Economics at Harvard University (and author of The War of the World, among other brilliant works) is one of my favorite soothsayers.  This yesterday from him:  "This revolution in Egypt is more likely to result in something like Iran, than it is to be like the fall of communism in Eastern Europe, according to Niall Ferguson.  Speaking to the German daily Handesblatt, Ferguson says that because the forces for democracy in Egypt are not well organized, Islamic fundamentalism will have a chance at success.  Ferguson also says there is a real threat that what happens in Egypt will spread to other countries, including Saudi Arabia.  The most important lesson from this crisis though, according to Ferguson, is that state capitalism, like that conducted by Egypt and China, is not perfect."