I am a fan of Niall Ferguson - he is unique - Dr. Ferguson has expertise in history as well as economics.
Recently he was a speaker at the Peterson Institute for International Economics, a think tank based in Washington DC.
Allow Professor Ferguson to explain the implications and consequences of run-away sovereign debt in this speech titled "Fiscal Crises and Imperial Collapses: Historical Perspective on Current Predicaments" starting around 8:30 minute mark. This is important - I hope you view the speech video below.
This does not bode well for many countries - while Greece is currently in the news, our country is also in peril - as in Proverbs 22:7: The rich rules over the poor, and the borrower becomes the lender’s slave. We learn in Romans 13:8: Owe nothing to anyone except to love one another; for he who loves his neighbor has fulfilled the law.
A picture paints a thousand words - click on this - US Debt Clock.