Perhaps the Mayan calendar is right…

As Niall Ferguson argues in this clip (from CNBC [I know, bublevision as Bill Fleckenstein called during the bubble years of the late 90s]), we’re headed for a major fiscal crisis, a death spiral, in two years. What is interesting, but perhaps wishful thinking on Ferguson’s part, is that he calls for a return to relationship banking as opposed to the current form of algorithm, microsecend transaction banking we have today. In case the video doesn’t embed (being new to wordpress and blogs), here’s the link to the video.