Name Niall Ferguson
Children Thomas Ferguson
|Born 18 April 1964 (age 57) Glasgow, Scotland, United Kingdom (1964-04-18) |
Fields International history, economic and financial history, American and British imperial history
Institutions Harvard UniversityStanford UniversityNew York UniversityNew College of the HumanitiesJesus College, OxfordLondon School of Economics
Alma mater Magdalen College, Oxford
Known for Empire: How Britain Made the Modern World
Influences Thomas Hobbes, Norman Stone, A. J. P. Taylor, Kenneth Clark, Adam Smith, Friedrich Hayek, Milton Friedman, John Maynard Keynes, David Landes
Spouse Ayaan Hirsi Ali (m. 2011), Sue Douglas (m. 1994–2011)
Parents Molly Ferguson, Campbell Ferguson
Education Christ's College, Cambridge, Magdalen College, Oxford, Peterhouse, Cambridge, The Glasgow Academy
Books The Ascent of Money: A Financi, Civilization: The West and the R, Empire: The Rise and Demi, The Pity of War: Explainin, The War of the World: Twentieth
Similar Sue Douglas, Ayaan Hirsi Ali, Fareed Zakaria
Niall ferguson interview books financial history cash nexus economics ascent of money 2004
Niall Campbell Ferguson (; born 18 April 1964) is a Scottish historian. He is the Laurence A. Tisch Professor of History at Harvard University. He is also a senior research fellow at Jesus College, Oxford, a senior fellow at the Hoover Institution, Stanford University and visiting professor at the New College of the Humanities. He writes and speaks about international history, economic and financial history, and British and American imperialism. He is known for his provocative, contrarian views. Ferguson's books include Empire: How Britain Made the Modern World, The Ascent of Money: A Financial History of the World and Civilization: The West and the Rest, all of which he has presented as Channel 4 television series.
- Niall ferguson interview books financial history cash nexus economics ascent of money 2004
- Niall ferguson with david gergen on henry kissinger
- Early life
- University of Oxford
- Academic career
- Business career
- Career as commentator
- The Cash Nexus
- Colossus and Empire
- War of the World
- The Ascent of Money
- Kissinger 19231968 The Idealist
- World War I
- Counterfactual history
- Henry Kissinger
- The British Empire
- Islam and Eurabia
- Iraq War
- Trump election
- Trumps New World Order
- Economic policy
- Exchanges with Paul Krugman
- Remarks on Keynes sexual orientation
- Personal life
In 2004, he was named as one of the 100 most influential people in the world by TIME magazine. In previous years, he has been a contributing editor for Bloomberg Television and a columnist for Newsweek. Ferguson was an advisor to John McCain's U.S. presidential campaign in 2008, supported Mitt Romney in 2012 and has been a vocal critic of Barack Obama. Ferguson received the Ludwig Erhard Prize for Economic Journalism in 2013.
Niall ferguson with david gergen on henry kissinger
Ferguson was born in Glasgow, Scotland, on 18 April 1964. His father was a physician and his mother was a physics teacher. He attended The Glasgow Academy. He was brought up as, and remains, an atheist.
Ferguson cites his father as instilling in him a strong sense of self-discipline and of the moral value of work, while his mother encouraged his creative side. His journalist maternal grandfather encouraged him to write. Ferguson cites his reading of War and Peace as persuading him to study history rather than English at university.
University of Oxford
Ferguson received a demyship (scholarship) at Magdalen College, Oxford. While there he wrote the 90-minute student film The Labours of Hercules Sprote and befriended Andrew Sullivan, who shared his interest in right-wing politics and punk music. He had become a Thatcherite by 1982. He graduated with a first-class honours degree in history in 1985.
Ferguson studied in 1987 and 1988 as a Hanseatic Scholar in Hamburg and Berlin. He received his Doctor of Philosophy degree from Magdalen College in 1989, and his dissertation was titled "Business and Politics in the German Inflation: Hamburg 1914–1924".
In 1989 Ferguson worked as a research fellow at Christ's College, Cambridge. From 1990 to 1992 he was an official fellow and lecturer at Peterhouse, Cambridge. He then became a fellow and tutor in modern history at Jesus College, Oxford, where in 2000 he was a professor of political and financial history. In 2002 Ferguson was the John Herzog Professor in Financial History at New York University Stern School of Business, and since 2004 he has been the Laurence A. Tisch Professor of History at Harvard University and William Ziegler Professor of Business Administration at Harvard Business School. From 2010 to 2011, Ferguson held the Philippe Roman Chair in history and international affairs at the London School of Economics. Ferguson is a senior research fellow at Jesus College, Cambridge and a senior fellow at the Hoover Institution, Stanford University.
In May 2010, Michael Gove, education secretary, asked Ferguson to advise on the development of a new history syllabus, to be entitled "history as a connected narrative", for schools in England and Wales. In June 2011, he joined other academics to set up the New College of the Humanities, a private college in London.
In 2007, Ferguson was appointed as an investment management consultant by GLG Partners, to advise on geopolitical risk as well as current structural issues in economic behaviour relating to investment decisions. GLG is a UK-based hedge fund management firm headed by Noam Gottesman.
Career as commentator
Ferguson wrote for The Sunday Telegraph, leaving in 2007 to become a contributing editor to the Financial Times. He also writes for Newsweek. In his commentary, Ferguson has described the European Union as a disaster waiting to happen, and has criticised President Vladimir Putin of Russia for authoritarianism.
The Cash Nexus
In his 2001 book, The Cash Nexus, which he wrote following a year as Houblon-Norman Fellow at the Bank of England, Ferguson argues that the popular saying, "money makes the world go 'round", is wrong; instead he presented a case for human actions in history motivated by far more than just economic concerns.
Colossus and Empire
In his books Colossus and Empire, Ferguson presents a reinterpretation of the history of the British Empire and in conclusion proposes that the modern policies of the United Kingdom and the United States, in taking a more active role in resolving conflict arising from the failure of states, are analogous to the "Anglicization" policies adopted by the British Empire throughout the 19th century. In Colossus, Ferguson explores the United States' hegemony in foreign affairs and its future role in the world. The American writer Michael Lind, responding to Ferguson's advocation of an enlarged American military through conscription, accused Ferguson of engaging in apocalyptic alarmism about the possibility of a world without the United States as the dominant power and of a casual disregard for the value of human life.
War of the World
In War of the World, published in 2006, Ferguson argued that combination of economic volatility, decaying empires, psychopathic dictators, racially/ethnically motivated and institutionalised violence resulted in the wars and the genocides of what he calls "History's Age of Hatred". The New York Times Book Review named War of the World one of the 100 Notable Books of the Year in 2006, while the International Herald Tribune called it "one of the most intriguing attempts by an historian to explain man's inhumanity to man". Ferguson addresses the paradox that, though the 20th century was "so bloody", it was also "a time of unparalleled [economic] progress". As with his earlier work Empire, War of the World was accompanied by a Channel 4 television series presented by Ferguson.
The Ascent of Money
Published in 2008, The Ascent of Money examines the history of money, credit, and banking. In it Ferguson predicts a financial crisis as a result of the world economy and in particular the United States using too much credit. He cites the China–America dynamic which he refers to as Chimerica where an Asian "savings glut" helped create the subprime mortgage crisis with an influx of easy money. While researching this book, in early 2007, Ferguson attended a session at a conference in Las Vegas at which a hedge fund manager stated there would never be another recession. Ferguson challenged this, and later the two agreed on a $14,000, 7 to 1 bet, that there would be a recession within five years. Ferguson collected $98,000.
Published in 2011, Civilization: The West and the Rest examines what Ferguson calls the most "interesting question" of our day: "Why, beginning around 1500, did a few small polities on the western end of the Eurasian landmass come to dominate the rest of the world?" The Economist in a review wrote:
"Mr Ferguson starts with the overwhelming success of European civilisation. In 1500 Europe's future imperial powers controlled 10% of the world's territories and generated just over 40% of its wealth. By 1913, at the height of empire, the West controlled almost 60% of the territories, which together generated almost 80% of the wealth. This stunning fact is lost, he regrets, on a generation that has supplanted history's sweep with a feeble-minded relativism that holds “all civilisations as somehow equal”.
Ferguson attributes this divergence to the West's development of six "killer apps" largely missing elsewhere in the world – "competition, science, the rule of law, medicine, consumerism and the work ethic". Ferguson compared and contrasted how the West's "killer apps" allowed the West to triumph over "the Rest". Thus, Ferguson argued the rowdy and savage competition between European merchants created far more wealth than did the static and ordered society of Qing China; that the tolerance extended to thinkers like Sir Isaac Newton in Stuart England had no counterpart in the Ottoman Empire where Takiyuddin's “blasphemous” observatory was demolished for contradicting the teachings of Islam which ensured that Western civilization was capable of making scientific advances that Islamic civilization never could; and because respect for private property was far stronger in British America than it ever was in Spanish America, which led to the United States and Canada becoming prosperous societies while Latin America was and remains mired in poverty. However, Ferguson also argued that the modern West had lost its edge and the future belongs to the nations of Asia, especially China, which has adopted the West's "killer apps". Ferguson argues that in the coming years will see a steady decline of the West and China and the rest of the Asian nations will be the rising powers. A related documentary Civilization: Is the West History? was broadcast as a six-part series on Channel 4 in March and April 2011.
Kissinger: 1923–1968: The Idealist
Kissinger The Idealist, Volume I, published in September 2015, is the first part of a planned two-part biography of Henry Kissinger based on unprecedented access to his private papers. The book starts with a quote from a letter which Kissinger wrote in 1972. The book examines Kissinger's life from being a refugee and fleeing Germany in 1938, to serving in the US army as a "free man" in World War II, to studying at Harvard. The book also explores the history of Kissinger joining the Kennedy administration and later becoming critical of its foreign policy, to supporting Nelson Rockefeller on three failed presidential bids, to finally joining the Nixon administration. The book also includes Kissinger's early evaluation of the Vietnam war and his efforts to negotiate with the North Vietnamese in Paris. The Economist wrote in a review about The Idealist: "Mr Ferguson, a British historian also at Harvard, has in the past sometimes produced work that is rushed and uneven. Not here. Like Mr Kissinger or loathe him, this is a work of engrossing scholarship." In a negative review of The Idealist, the American journalist Michael O'Donnell questioned Ferguson's interpretation of Kissinger's actions leading up to Nixon's election as President. In two installments from his series of National Magazine Award-winning commentaries—dispatched from prison—writer Barrett Brown accused Ferguson of "ethical oddities," including the assertion that Ferguson's book contains "demonstrably false necro-libel" about historian Howard Zinn.
World War I
In 1998, Ferguson published The Pity of War: Explaining World War One, which with the help of research assistants he was able to write in just five months. This is an analytic account of what Ferguson considered to be the ten great myths of the Great War. The book generated much controversy, particularly Ferguson's suggestion that it might have proved more beneficial for Europe if Britain had stayed out of the First World War in 1914, thereby allowing Germany to win. Ferguson has argued that the British decision to intervene was what stopped a German victory in 1914–15. Furthermore, Ferguson expressed disagreement with the Sonderweg interpretation of German history championed by some German historians such as Fritz Fischer, Hans-Ulrich Wehler, Hans Mommsen and Wolfgang Mommsen, who argued that the German Empire deliberately started an aggressive war in 1914. Likewise, Ferguson has often attacked the work of the German historian Michael Stürmer, who argued that it was Germany's geographical situation in Central Europe that determined the course of German history.
On the contrary, Ferguson maintained that Germany waged a preventive war in 1914, a war largely forced on the Germans by reckless and irresponsible British diplomacy. In particular, Ferguson accused the British Foreign Secretary Sir Edward Grey of maintaining an ambiguous attitude to the question of whether Britain would enter the war or not, and thus confusing Berlin over just what was the British attitude towards the question of intervention in the war. Ferguson accused London of unnecessarily allowing a regional war in Europe to escalate into a world war. Moreover, Ferguson denied that the origins of National Socialism could be traced back to Imperial Germany; instead Ferguson asserted the origins of Nazism could only be traced back to the First World War and its aftermath.
Ferguson attacked a number of ideas that he called "myths" in the book. They are listed here (with his counter-arguments in parentheses):
Another controversial aspect of The Pity of War is Ferguson's use of counterfactual history also known as "speculative" or "hypothetical" history. In the book, Ferguson presents a hypothetical version of Europe being, under Imperial German domination, a peaceful, prosperous, democratic continent, without ideologies like communism or fascism. In Ferguson's view, had Germany won World War I, then the lives of millions would have been saved, something like the European Union would have been founded in 1914, and Britain would have remained an empire as well as the world's dominant financial power.
The French historians Stéphane Audoin-Rouzeau and Annette Becker were dubious about much of Ferguson's methodology and conclusions in The Pity of War, but praised him for the chapter dealing with the executions of POWs, arguing that Ferguson had exposed a dark side of the war that until then had been ignored. The American writer Michael Lind wrote about The Pity of War:
Like the historian John Charmley, who expressed the same wish in the case of World War II, Ferguson belongs to the fringe element of British conservatism that regrets the absence of a German-British deal in the first half of the 20th century that would have marginalized the United States and might have allowed the British Empire to survive to this day. According to Ferguson, Britain should have stayed out of World War I and allowed Imperial Germany to smash France and Russia and create a continental empire from the Atlantic to the Middle East. The joke is on Ferguson's American conservative admirers, inasmuch as he laments the defeat of the Kaiser's Germany because it accelerated the replacement of the British Empire by the United States of America and the eclipse of the City of London by Wall Street.
The American historian Gerhard Weinberg in a review of The Pity of War strongly criticized Ferguson for advancing the thesis that it was idiotic for Britain to have fought a Germany that posed no danger. Weinberg accused Ferguson of completely ignoring the chief foreign policy aim of Wilhelm II from 1897 onwards, namely Weltpolitik ("World Politics") and argued it was absurd for Ferguson to claim that allowing Germany to defeat France and Russia would have posed no danger to Britain. Weinberg wrote that Ferguson was wrong to claim that Germany's interests were limited only to Europe, and maintained that if the Reich did defeat France in 1914, then Germany would have taken over the French colonies in Asia and Africa which would have definitely affected the balance of power all over the world, not just in Europe. Finally, Weinberg attacked Ferguson for claiming that the Tirpitz Plan was not a danger to Britain and that Britain had no reason to fear Germany's naval ambitions, sarcastically asking if that was really the case, then why did the British redeploy so much of their fleet from around the world to the North Sea and spend so much money building warships in the Anglo-German naval arms race? Weinberg accused Ferguson of distorting both German and British history and ignoring any evidence that did not fit with his thesis that Britain should never have fought Germany, stating that The Pity of War was interesting as a historical provocation, but was not persuasive as history.
Ferguson wrote two volumes about the prominent Rothschild family: The House of Rothschild: Volume 1: Money's Prophets: 1798–1848 and The House of Rothschild: Volume 2: The World's Banker: 1849–1999. These books were the result of original archival research. The books won the Wadsworth Prize for Business History and were also short-listed for the Jewish Quarterly-Wingate Literary Award and the American National Jewish Book Award.
The books were acclaimed by some historians, although they did receive some criticism. John Lewis Gaddis, a Cold War–era historian, praised Ferguson's "unrivaled range, productivity and visibility", while criticising the book as unpersuasive and containing contradictory claims. Marxist historian Eric Hobsbawm had praised Ferguson as an excellent historian, but criticised him as a "nostalgist for empire". In a mixed review of a later book by Ferguson, The War of the World: History’s Age of Hatred, a reviewer for The Economist described how many regard Ferguson's two books on the Rothschilds "as one of the finest studies of its kind."
Ferguson sometimes champions counterfactual history, also known as "speculative" or "hypothetical" history, and edited a collection of essays, titled Virtual History: Alternatives and Counterfactuals (1997), exploring the subject. Ferguson likes to imagine alternative outcomes as a way of stressing the contingent aspects of history. For Ferguson, great forces don't make history; individuals do, and nothing is predetermined. Thus, for Ferguson, there are no paths in history that will determine how things will work out. The world is neither progressing nor regressing; only the actions of individuals determine whether we will live in a better or worse world. His championing of the method has been controversial within the field. In a 2011 review of Ferguson's book Civilization: The West and the Rest, Noel Malcolm (Senior Research Fellow in History at All Souls College at Oxford University) stated that: "Students may find this an intriguing introduction to a wide range of human history; but they will get an odd idea of how historical argument is to be conducted, if they learn it from this book."
In 2003, former U.S. Secretary of State Henry Kissinger provided Ferguson with access to his White House diaries, letters, and archives for what Ferguson calls a "warts-and-all biography" of Kissinger. In 2015, he published the first volume in a two-part biography titled Kissinger: 1923–1968: The Idealist from Penguin Press.
The thesis of this first volume was that Kissinger was very much influenced in his academic and political development by the philosopher Immanuel Kant, and especially by an interpretation of Kant that he learned from a mentor at Harvard University, William Yandell Elliott.
The British Empire
Ferguson is critical of what he calls the "self-flagellation" that he says characterises modern European thought.
"The moral simplification urge is an extraordinarily powerful one, especially in this country, where imperial guilt can lead to self-flagellation," he told a reporter. "And it leads to very simplistic judgments. The rulers of western Africa prior to the European empires were not running some kind of scout camp. They were engaged in the slave trade. They showed zero sign of developing the country's economic resources. Did Senegal ultimately benefit from French rule? Yes, it's clear. And the counterfactual idea that somehow the indigenous rulers would have been more successful in economic development doesn't have any credibility at all."
In the related TV documentary of 2003, Empire Ferguson argued that the mantle of the British Empire as the world's foremost power was passed on to the United States during the Second World War, which led to Ferguson favorably reciting Rudyard Kipling's poem "The White Man's Burden"—written in 1898 to praise the United States for becoming an imperial power by conquering the Philippines from Spain—as just as relevant today as it was in 1898. Ferguson argues that the United States should celebrate being an imperial power comparable to Britain, conquering other people's countries for what Ferguson insists is their own good, and complains that far too often Americans refuse to accept that nation has an imperialist role to play in the modern world.
Richard Drayton, Rhodes Professor of Imperial History at the University of London, has stated that it was correct of Seamus Milne to associate "Ferguson with an attempt to "rehabilitate empire" in the service of contemporary great power interests".
Bernard Porter attacked Empire in The London Review of Books as a "panegyric to British colonialism". Ferguson in response to this drew Porter's attention to the conclusion of the book, where he writes: "No one would claim that the record of the British Empire was unblemished. On the contrary, I have tried to show how often it failed to live up to its own ideal of individual liberty, particularly in the early era of enslavement, transportation and the 'ethnic cleansing' of indigenous peoples." Ferguson argues however that the British Empire was preferable to the alternatives:
The 19th-century empire undeniably pioneered free trade, free capital movements and, with the abolition of slavery, free labour. It invested immense sums in developing a global network of modern communications. It spread and enforced the rule of law over vast areas. Though it fought many small wars, the empire maintained a global peace unmatched before or since. In the 20th century too the empire more than justified its own existence. For the alternatives to British rule represented by the German and Japanese empires were clearly – and they admitted it themselves – far worse. And without its empire, it is inconceivable that Britain could have withstood them.
In November 2011 Pankaj Mishra reviewed Civilisation: The West and the Rest unfavourably in the London Review of Books. Ferguson demanded an apology and threatened to sue Mishra on charges of libel due to allegations of racism.
Islam and "Eurabia"
Matthew Carr wrote in Race & Class that
"Niall Ferguson, the conservative English [sic] historian and enthusiastic advocate of a new American empire, has also embraced the Eurabian idea in a widely reproduced article entitled 'Eurabia?',"
in which he laments the 'de-Christianization of Europe' and the secularism of the continent that leaves it 'weak in the face of fanaticism'." Carr adds that
and that in a 2004 lecture at the American Enterprise Institute entitled 'The End of Europe?',
Ferguson struck a similarly Spenglerian note, conjuring the term 'impire' to depict a process in which a 'political entity, instead of expanding outwards towards its periphery, exporting power, implodes – when the energies come from outside into that entity'. In Ferguson's opinion, this process was already under way in a decadent 'post-Christian' Europe that was drifting inexorably towards the dark denouement of a vanquished civilisation and the fatal embrace of Islam.
In 2015, Ferguson deplored the Paris attacks committed by Islamic State terrorists, but stated he was not going to "stand" with the French as he argued that France was a lost cause, a declining state faced with an unstoppable Islamic wave that would sweep away everything that tried to oppose it. Ferguson compared the modern European Union to the Western Roman Empire, describing modern Europe as not that different from the world depicted by Edward Gibbon in his book The Decline and Fall of the Roman Empire. Ferguson wrote that:
Uncannily similar processes are destroying the European Union today...Let us be clear about what is happening. Like the Roman Empire in the early fifth century, Europe has allowed its defenses to crumble. As its wealth has grown, so its military prowess has shrunk, along with its self-belief. It has grown decadent in its shopping malls and sports stadiums. At the same time, it has opened its gates to outsiders who have coveted its wealth without renouncing their ancestral faith.
Ferguson wrote the mass influx of refugees into Europe from Syria was a modern version of the Völkerwanderung when the Huns burst out of Asia and invaded Europe, causing millions of the Germanic peoples to flee into the presumed safety of the Roman Empire, smashing their way in as the Romans attempted unsuccessfully to stop the Germans from entering the empire. Ferguson writes that Gibbon was wrong to claim the Roman Empire collapsed slowly and argues that the view among a growing number of modern scholars is that the collapse of the Roman empire was swift and violent; unforeseeable by Romans of the day, just as the collapse of modern European civilization would likewise be for modern Europeans.
Ferguson supported the 2003 Iraq War, and he is on record as not necessarily opposed to future western incursions around the world.
It's all very well for us to sit here in the West with our high incomes and cushy lives, and say it's immoral to violate the sovereignty of another state. But if the effect of that is to bring people in that country economic and political freedom, to raise their standard of living, to increase their life expectancy, then don't rule it out
On the rise of Republican Party presidential candidate Donald Trump, Ferguson was quoted in early 2016: "If you bother to read some of the serious analysis of Trump's support, you realize that it's a very fragile thing and highly unlikely to deliver what he needs in the crucial first phase of the primaries ... By the time we get to March–April, it's all over. I think there's going to be a wonderful catharsis, I’m really looking forward to it: Trump's humiliation. Bring it on." Trump eventually won the nomination.
Three weeks before the 2016 United States presidential election, Ferguson said in an interview that it "was over for Donald Trump"; that "Trump had flamed out in all three Presidential debates"; that, "I don't think there can be any last minute surprise to rescue him [Trump]"; that there was no hope of Donald Trump winning Independent voters and that Trump was "gone as a candidate", adding that "it seems to me clear that she [Hillary Clinton] is going to be the first female President of the United States. The only question is how bad does his [Trump's] flaming out affect candidates for the Senate, candidates for the House, further down on the ballot." Trump was elected president and the Republican Party, while losing seats, retained control of both houses of Congress.
Trump's "New World Order"
In an article from November 2016 in The Boston Globe, Ferguson advised that Trump should support the efforts of Prime Minister Theresa May to have Britain leave the European Union as the best way of breaking up the EU, and sign a free trade with the United Kingdom once Brexit is complete. Ferguson advised that Trump should give "recognition" to Russia as a "great power", and should work with President Vladimir Putin by giving Russia a sphere of influence in Eurasia and the Middle East. In the same column, Ferguson advised Trump not to engage in a trade war with China, and work with President Xi Jinping to create a Sino-American partnership. Ferguson argued that Trump and Putin should work for the victory of Marine Le Pen (who wants France to leave the EU) and the Front national in the 2017 French elections, arguing that Le Pen was the French politician most congenial to the Trump administration. Ferguson argued that a quintumvirate of Trump, Putin, Xi, May and Le Pen was the world's best hope for peace and prosperity.
In its edition of 15 August 2005, The New Republic published "The New New Deal", an essay by Ferguson and Laurence J. Kotlikoff, a professor of economics at Boston University. The two scholars called for the following changes to the American government's fiscal and income security policies:
In November 2012, Ferguson stated in a video with CNN that the U.S. has enough energy resources to move towards energy independence and could possibly enter a new economic golden age due to the related socio-economic growth—coming out of the post-world economic recession doldrums.
Ferguson was an attendee of the 2012 Bilderberg Group meeting, where he was a speaker on economic policy.
Ferguson was highly critical of Britain's vote to leave the European Union, warning that "the economic consequences will be dire". Later, after backing the Remain campaign during the referendum, Ferguson later changed his mind and came out in support of Britain's exit from the EU.
Exchanges with Paul Krugman
In May 2009, Ferguson became involved in a high-profile exchange of views with economist Paul Krugman arising out of a panel discussion hosted by PEN/New York Review on 30 April 2009, regarding the U.S. economy. Ferguson contended that the Obama administration's policies are simultaneously Keynesian and monetarist, in an "incoherent" mix, and specifically claimed that the government's issuance of a multitude of new bonds would cause an increase in interest rates.
Krugman argued that Ferguson's view is "resurrecting 75-year old fallacies" and full of "basic errors". He also stated that Ferguson is a "poseur" who "hasn't bothered to understand the basics, relying on snide comments and surface cleverness to convey the impression of wisdom. It's all style, no comprehension of substance."
In 2012, Jonathan Portes, the director of the National Institute of Economic and Social Research, said that subsequent events had shown Ferguson to be wrong: "As we all know, since then both the US and UK have had deficits running at historically extremely high levels, and long-term interest rates at historic lows: as Krugman has repeatedly pointed out, the (IS-LM) textbook has been spot on."
Later in 2012, after Ferguson wrote a cover story for Newsweek arguing that Mitt Romney should be elected in the upcoming US presidential election, Krugman wrote that there were multiple errors and misrepresentations in the story, concluding "We're not talking about ideology or even economic analysis here – just a plain misrepresentation of the facts, with an august publication letting itself be used to misinform readers. The Times would require an abject correction if something like that slipped through. Will Newsweek?" Ferguson denied that he had misrepresented the facts in an online rebuttal. Matthew O'Brien countered that Ferguson was still distorting the meaning of the Congressional Budget Office report being discussed, and that the entire piece could be read as an effort to deceive.
In 2013, Ferguson, naming Dean Baker, Josh Barro, Brad DeLong, Matthew O'Brien, Noah Smith, Matthew Yglesias and Justin Wolfers, attacked "Krugman and his acolytes," in his three-part essay on why he dislikes Paul Krugman, whose title is originally made by Noah Smith.
Remarks on Keynes' sexual orientation
At a May 2013 investment conference in Carlsbad, California, Ferguson was asked about his views on economist John Maynard Keynes's quotation that "in the long run we are all dead." Ferguson stated that Keynes was indifferent to the future because he was gay and did not have children. The remarks were widely criticised for being offensive, factually inaccurate, and a distortion of Keynes' ideas.
Ferguson posted an apology for these statements shortly after reports of his words were widely disseminated, saying his comments were "as stupid as they were insensitive". In the apology, Ferguson stated: "My disagreements with Keynes's economic philosophy have never had anything to do with his sexual orientation. It is simply false to suggest, as I did, that his approach to economic policy was inspired by any aspect of his personal life."
Ferguson married journalist Susan Douglas, whom he met in 1987 when she was his editor at The Sunday Telegraph. They have three children Felix, Freya, and Lachlan.
In February 2010, news media reported that Ferguson had separated from Douglas and started dating former Dutch MP Ayaan Hirsi Ali. Ferguson and Douglas divorced in 2011. Ferguson married Hirsi Ali in September 2011 and Hirsi Ali gave birth to their son Thomas in December 2011. In an interview in April 2011, Ferguson complained about the media coverage of his relationship with Ali, stating: "No, I never read their shitty coverage of people's private lives. I don't care about the sex lives of celebrities, so I was a little unprepared for having my private life all over the country. So yeah, I was naive, yeah. Because you have to stoop to conquer," – but will never write for it [The Daily Mail] again. "That's because I'm a vendetta person. Yes, absolutely. Implacable."
Ferguson dedicated his book Civilization to "Ayaan". In an interview with The Guardian, Ferguson spoke about his love for Ali, who, he writes in the preface, "understands better than anyone I know what Western civilisation really means – and what it still has to offer the world".
Ferguson's self confessed workaholism has placed strains on his personal relations in the past. Ferguson has commented that:
...from 2002, the combination of making TV programmes and teaching at Harvard took me away from my children too much. You don't get those years back. You have to ask yourself: "Was it a smart decision to do those things?" I think the success I have enjoyed since then has been bought at a significant price. In hindsight, there would have been a bunch of things that I would have said no to.
In an interview, Ferguson described his relationship with the left: "No, they love being provoked by me! Honestly, it makes them feel so much better about their lives to think that I'm a reactionary; it's a substitute for thought. 'Imperialist scumbag' and all that. Oh dear, we're back in a 1980s student union debate."
Ferguson was the inspiration for Alan Bennett's play The History Boys (2004), particularly the character of Irwin, a history teacher who urges his pupils to find a counterintuitive angle, and goes on to become a television historian. Bennett's character "Irwin" gives the impression that "an entire career can be built on the trick of contrariness."