The probability of a recession in the next year is much higher than market consensus believes because real interest rates have risen tremendously, and the economy is more leveraged now than it was in Paul Volcker's era despite the size of monetary tightening being comparable.

causalpending

Speaker

Niall Ferguson

Evidence Quote

I don't believe in the soft landing story because I think we've seen a tremendous hike in real interest rates and that is going to have its consequences

Source

The 4 Biggest Threats to the West, According to Historian Ferguson | At Barron'sBarron's
Created: 8/12/2026, 10:29:25 PM

My Notes

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