Working Papers
Bank to the Future: Payment Stablecoins are Digital National Banknotes
History Working Paper 202602
September 30, 2026
Hoover Institution senior fellow Niall Ferguson examines the devastating human toll of World War I through the Hoover Institution Library & Archives’ extensive collection of photographs and historical records. Ferguson recounts the horrors of trench warfare on the Western Front, in particular the staggering casualties of the Battle of the Somme, and the experiences of his own grandfather, who survived a German gas attack. Recalling Wilfred Owen’s phrase “the pity of war,” which inspired the title of Ferguson’s 1998 book on World War I, Ferguson reflects on the conflict’s human legacy. He also traces the Hoover Institution’s origins to Herbert Hoover’s wartime relief efforts and his determination to preserve the historical record of war, revolution, and peace for future generations.
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- For more about the Hoover Institution Library & Archives, visit our website.
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