Were in the Middle of a Crash 2/2 - Nassim Taleb - Dprogram.net

(CNBC) The financial system is crashing and action must be taken by the US government to convert debt into equity to produce a more stable environment, Nassim Taleb, author of The Black Swan, told CNBC Thursday.

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[mustang607]

The primary product that this government produces is debt. Debt is the sludge that runs the economy.

[splintercell20113]

So anyone reading this can see where I am going. If you can't admit you are wrong or refuse to accept you are wrong then obviously you aren't going to change. Why would you? You aren't wrong.

So unless the public forces change we can only be headed for worse because as Nassim points out the conditions that created this crash haven't been changed nor has the behaviour which led to this crash been punished.

Therefore it appears obvious to me that we are headed for worse.

[splintercell20113]

A common psychological characteristic of those in power is arrogance and lack of humility and contrition. If they are arrogant, money and power tends to have the effect of blinding those who have the power to their defects and faults.

[splintercell20113]

think that Nassim Nicholas has a firm understanding of what is going on. The problem is that there are laws of power acting against him.

The three most fundamental of these laws of power are:

1.) Everyone wants power.

2.) Everyone wants more power.

3.) People will do almost anything to keep themselves from losing what power they have.

In keeping with the above laws you can see that as Nassim has mentioned, the same people who caused this crash are still in power.

[EconomicStability]

Nassim Taleb knows the problem is that we have an unsustainable debt load - and that we MUST add "equity" into the monetary system.

If Taleb would take one more step back, and look at the monetary system, rather than merely the economic consequences of the failure of the monetary system, he would realize the answer lies in the elimination of the debt-money system, where LEVERAGE, or DEBT is the ONLY option, and replacing it with a debt-free money system.

The Chicago Plan for Monetary Reform.

[Budvb]

he won't get invited back.. but he is right we all rely on each other around the world.

[FriedDaisy]

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Our current system can't be sustained. The corporate business model underling every facet of our economy is an insatiable monster demanding an ever increasing profit margin to pay outrageous executive salaries & dividends to investors; and as the capital is sucked away into executive compensation & dividends the product or service the business was supposed to supply & the labor behind it disappears because there's no capital left to maintain any actual business.