If you're a reader who's put little stock in my continuing assertions that our "relationship" with China and gargantuan current account deficits are the larger part of America's current financial crisis, perhaps you'll give the acclaimed historian Niall Ferguson some credence.  He does have much more impressive credentials than I can muster.  Though that shouldn't convince you of anything if what he has to say is nonsense.  But it isn't.  All one really need do is to think rationally about the issues without resorting to trite economic assertions about "free trade" and the picture paints itself. As Mr. Ferguson says in his September Standpoint article "The End of Chimerica": Needless to say, it was not just the United States that was borrowing, and it was not just the Chinese who were lending. All over the English-speaking world, as well as in countries like Spain, household indebtedness...(Read Full Post)