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US is making same terrifying mistake that's destroyed every previous advanced civilization, historian warns
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Historian Niall Ferguson warns that the United States is following a path that has led to the collapse of previous advanced civilizations by overspending on debt. He references "Ferguson's Law," which states that a great power risks geopolitical decline if it spends more on debt than defense. In 2024, U.S. debt servicing costs ($1.124 trillion) surpassed defense spending ($1.107 trillion), a threshold not crossed since the pre-World War II era. Ferguson compares this to Britain's situation in the 1930s and warns of potential default, currency depreciation, and imperial decline unless reforms are enacted.
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