I'm already used to the bias expressed by BBC and most of their haughty TV hosts, but I had no idea that they could be so ignorant economy wise.
The level of public education in the western world had become truly appaling over the last 30 years, and THAT's a huge threat for the future that nobody is talking about...

What the heck is so "hugely inspiring" about this speech ?
This media outfit will do its damnest to start a revolution everywhere it cans, even on Mars if Martians will ever be dumb enough to allow it . It will do that not because it cares about people (or Martians) but because it makes GREAT ratings, which translates into big bucks, quickly.

The most probable result of any revolution in that area of the globe will be the replacement of relatively benign dictatorships (at least from a Western point of view) with vicious dictatorships under the form and shape of islamic regimes. These will quickly become an enourmous headache for the inept Westerners who watched the televised "revolutions" from the comfort of their living rooms, cheering for "the little guy" while indulging in their mandatory chips and/or popcorn with diet Coke .

The lives of those who overturned the old regimes will become worse, not better, as they'll realize fast that they exchanged a bad hand of cards for a really terrible one. Of course, the new regimes will immediately become allergic to any sort of disenting view, so one of their very first measures will be to ban and shut down the very media channel that facilitated their coming into power. The gentleman in the video above will then become just another "free speech refugee" in one of the overcrowded and barely functional Western democracies, lamenting about the lack of freedom in a forever misunderstood Middle East.

That would be the supreme irony in this lesson about real politics in real life: he will be not only the moral but the physical author as well, of his own misery, beyond that of those hundreds of millions who believed the dream he sold them once on their TV sets, Facebook, or Tweeter accounts...

What exactly is there to celebrate in this entire sad mess ?

Why is it that most people bashing Niall Fergusson tend to sound like Krugman ?
It's getting boring already.

The economy is doing poorly !
Commodities are way up as a protection mechanism against the QE policies of "the smartest kidz on the block", and not as a result of solid economic growth.

Here's an economic trick question: What is America exporting nowadays ?
Figuring out the answer is knowing the future... :-)

Extinction-bound "Gloom, doom, and austerity" ?
What a perfect example of wishful thinking for the masses... :-)
I actually expect it to become the norm, as the "can kicking" exercises from governments all over the world become increasingly difficult AND expensive.

Excellent point.
It's also relativelly expensive (what's the cost of an e-mail or tweet ?) so much less exposed to junk and spam.

In the long run we are all going to be dead

Keynes dixit... :-)

With what money, if I may ask ?

You're not an economist indeed, and it shows.

China could store anything fungible and with some market value to replace US T-Bills. Right now there are some tempting alternatives out there, like gold ! Yeah, it doesn't pay any interest but then it doesn't devalue itself with the speed USD does either.

Incidentally, as is the case with any other fiat currency, China doesn't need to back up its yuan with anything ! After all, what is the USD backed by ? Full trust of US Gov ? Very reassuring indeed !

This new normalcy is going to cost GOV Inc a lot of money. I bet they never planned for anything like this...
Anyway this has the potential to become interesting as almost the entire QE2 contraption is committed to support the short end of the bond market, per Mr. B's own design. So what do you think it is going to happen at the "unsupported" long end ?