Nassim Taleb: We're in a Crash / Debt to Equity
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Uploader Comments (MarcusCMarcellus)
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Unemployment is actually around 18%, not 9.2% . This is what happens when an entire system is built on trust, and then that trust begins to fail. Our industries and services raised production capacities to a level that was unsustainable, given that most of the money we were spending on these products was borrowed to begin with.
2 years ago 4
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5:25 The thing is, timing is very important. Sure, the house may collapse, but it DOES make a difference if it's next week or next decade. Everything is ultimately "fragile". I also predict that the sun will die out. Eventually.
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The official unemployment number comes from the U-3 unemployment report. The U-3 (9%)category includes people who are without jobs and who are available for work. U-3 is misleading. The broader U-6 (18%) category includes everyone in the official rate plus marginally attached workers, those who are neither working nor looking for work, but say they want a job and have looked for work recently. It also includes part time workers who took part time work because they couldn't find full time jobs
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The weird thing about Nassim Taleb is, I think he occupies the ground between pretentious unoriginal self-masturbation and insight.
SaganCarlRules 1 year ago
@SaganCarlRules
I rarely respond to comments, but that was a very good one. I agree. His book is a self-promoting bore expanding on one idea: there are always hidden variables. re: a succinct account of Long Term Capital instead. On the other hand, the work he has done with that French mathematician (Benoit?) on fractal geometry and finance is interesting and original.
MarcusCMarcellus 1 year ago