Tuesday, March 13, 2012
Taleb on the Current Situation
A video interview by Carl with Nassim Taleb at CNBC. This is tough to watch as I really enjoyed Taleb's first book ("Fooled....") and have a lot of respect for his math skills. He would do well to get read into MMT.
He's down for Ron Paul on deficits, the Fed, the military, and no bailouts. Thinks Ron Paul is doing "chemotherapy" on the "swelling government deficits" which will make us sick, but it is necessary and is working in Europe. Thinks we are "gambling with the future generation's money", and using "novacaine after novacaine". Doesn't trust the other GOP candidates "on deficits".
Claims he is simply doing his duty as a US citizen. Doesn't trust US Treasury bonds, and is afraid of hyperinflation and is holding Euros as a hedge.
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10 comments:
I can't stomach this guy either. How can a guy who's supposedly so bright be so dumb?
Awesome math skilz can go hand-in-hand with not really understanding much about society and its institutions.
Another expert talking out of his field and above his head.
mike, he is not smart at all - just a glib marketing person who coined a savvy term for the painfully obvious - and became famous for doing so.
his economic ideas and investment themes are so flawed and full of holes, you can drive a 767 right through them.
these days people will believe anything - which explains the successful existence of idiots like harold camping and peter schiff.
maybe it's time to set up a loch ness monster fund - the theme is invest in what you can't see.
http://articles.marketwatch.com/2011-07-01/commentary/30741287_1_hedge-black-swan-funds
I just have to sound good
I don't have to be clear,
Let me whisper in your ear
'bout this Damn Economy!
Holding Euros as a hedge?
Perhaps as a hedge TRIMMER!
lol - "novacaine". Frankly, lol at all analogies because nothing shares enough features with the economy to serve as a useful analogy.
I can never understand your hostility to Ron Paul and the Austrian School since we’ve pretty much established that you MMTers guys don’t know the first thing about even the most basic Austrian School concepts. And you like it that way.
Plus, I’ve always wondered where are all of the goods and services going to come from to pay for $100 trillion worth of unfunded adult diaper changing services.
BTW, I offer no opinion of Taleb.
He's up there with Gross on Treasuries. About a year ago, Taleb was all over the airways telling folks a sell-off was imminent. The next "black swan" or something like that. Worked out well for him, no? Can't believe anyone is still giving this guy airtime. Mike's right, Taleb's intellect is actually quite limited. Oh, and while I'm at it, Pimco without McCulley is far from being the same place.
Taleb says he "holding euros as a hedge" (good one, buddy) because "at least Europe knows what the problem is."
This is an amazingly ignorant statement when you consider what Europe is doing: imposing austerity to bring deficits down, watching deficits go higher and imposing more austerity. That's the definition of insanity.
I think Taleb's euro long will turn out as well as hit Treasury short.
Bob,
$100T! Thanks I'm going to load up on P&G shares today! ;)
But all kidding aside, that seems like a big problem for the future, I dont know if our computer systems at Treasury and the Fed have that many digits in the balance columns.. to reprogram those IT systems to add another significant digit may be to much for the country to bear...... do you think we should just kill all of those old farts and get it over with? Not sure if that would be easier than reprogramming the IT???
Which policy is compatible with the Austrian School? Reprogram the IT or kill all the old farts?
Resp,
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