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Historian Niall Ferguson warns that many people underestimate the consequences of the U.S. losing a cold war with China. "A world in which China's number one would be a much less free world than we currently take for granted." Follow on Apple: bit.ly/3FdTAek

"Each presidency has at least one major shock that nobody prepared or planned for...," says Niall Ferguson, author of "Doom." "Even the most powerful man in the world doesn't get to choose the disaster he has to confront." Follow on Apple: bit.ly/3FdTAek

The below figures are hard to believe. A quarter of Birmingham, UK's second city, now on out-of-work benefits? That’s where unemployment peaked in 1933: and we called that a Great Depression. And Manchester: booming, employers desperate for staff. Yet one in five on the dole.

This was a very important and insightful lecture. Anyone trying to understand the location of today’s financial fault lines needs to pay attention to it.

“Trump’s ‘big, beautiful’ budget is spooking investors” via Financial Times. Excellent piece by ⁦Gillian Tett⁩ on.ft.com/4jgwku7

I believe it is likely Harvard University’s that financial position is overstated by the media and the general public. I believe this is principally for two reasons. One, people ignore Harvard’s $7.9 billion of debt outstanding, which is likely to increase in order for Harvard to meet

Seems about right. bloomberg.com/opinion/articl…

Is China truly bent on a move against Taiwan or does its saber-rattling not square with a military capability that's perhaps overestimated? Frank Dikötter, a Hoover Institution senior fellow specializing in the history of modern China, joins the GoodFellows (@NFergus, John Cochrane,

foreignaffairs.com/ukraine/delusi…

Fascinating and courageous frontline reporting on Ukraine’s drone warriors.

Future historians will struggle to explain how a democratic system could produce outcomes so at odds with what the electorate actually wanted.