Is the Black Swan coming home to roost on the global economy?
Last night's PBS Newshour report had a brief encounter with Mr. Taleb and his mentor, Mr. Mandelbrot, the economic reporter Paul Solman got more than he bargained for. Download here the .mp3 exchange and listen to the shocking prediction they are making for the immediate future.
2 comments:
The Silence is deafening. To think that Paulsen has no plan is not a surprise. He is a "W" appointee guaranteed to be stupid and greedy. His first money move, The $87 Billion to AIG went to Goldman Sachs to cover AIG's defunct derivatives. Goldman Sachs(Paulsen's ) old boss got the first payment on the $47 trillion debt. There is not enough money in the universe to cover the entire $47 trillion.
I agree, and must repeatedly keep in mind that Michael Hudson's analysis takes on a more epic view. His expertise is in the study of long term effects of "super-imperialism" while these two fellows are discussing the immediate in the next few months. It is daunting since so many in the mainstream media seem to be pulling out all the stops in counseling calm. Taleb's reminder in the audio file linked above, I think correctly cites the highly speculative and volatile spikes in oil prices as an example. The butterfly of a mortgage banking crisis in the US can make for larger reverberations in other parts of the world economy. I will be discussing this and playing other audio agitations tonight on Radio Free Kansas, beginning at 10pm (CST) on "Mysterious Wednesday".
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