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The U.S. and China are in Cold War II, which carries significant risk of hot war in its early phases; this is the biggest risk underpriced by markets and policymakers.

causalpending

Speaker

Niall Ferguson

Evidence Quote

“the US and China are in Cold War II I don't think everybody has fully digested what that implies uh but in the early Cold War there is a significant risk of hot war”

Source

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

My Notes

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