Interview With Nassim Nicholas Taleb - Executives Column - Lloyd Grove - World According to ... - Portfolio.com

"Economics is a tragedy for me. Because look at how the whole world now is designed according to some ideas that have not proved adequate. The whole financial system. We don't understand economic policy, do you realize that? Alan Greenspan lowered interest rates thinking it would help... more

Reviewed by marjaana Aug 22 2008, 01:43am ( 2 reviews ) • portfolio.com

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Rated by marjaana on Aug 22 2008, 1:43am

"Economics is a tragedy for me. Because look at how the whole world now is designed according to some ideas that have not proved adequate. The whole financial system. We don't understand economic policy, do you realize that? Alan Greenspan lowered interest rates thinking it would help the economy. All it did was push banks to take risks - hidden risks. Do you realize that we don't understand globalization? Globalization increases Extremistan. That's one problem with this Tom Friedman guy - he [the bestselling author of The World Is Flat, which argues the advantages of globalization in the internet age] didn't seem to understand the very simple dynamics that globalization forces redundancy out of the system. And whenever you don't have redundancy, you have Extremistan. Things are way too efficient, so the smallest mistake blows up. We depend so much on the internet. Tomorrow, if there's a problem in Bangalore, we're toast for a long time, you see?" An interview with Nassim Nicholas Taleb.
Rated by ImprovedLives on Aug 15 2008, 1:31am

A fascinating piece on Nassim Taleb, author of The Black Swan

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