Nassim Taleb speaks out in Davos, Switzerland, about how crises keep repeating because of the moral hazard of bailing out bad financial practices. Only if a system of punishment is in place (as it is in Switzerland) will future crises be averted.
In the same conference, Taleb records an impromptu video for Youtube to express his views. Great insights from our favorite skeptical empiricist.
It is people like Taleb that Obama needs amongst his advisory. Champions who will fly in the face of the worship of neo-classical economic ideology that has fuelled capitalistic globalisation and sees the world where it is today – poised on the brink of economic and environmental calamity. Only from listening to people like this will we develop the economies we all need rather than just the one that Wall St manipulators want.