07-03-2009, 08:50 PM
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#1
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Banned
Join Date: Dec 2004
Location: IGNORE LIST OR BAN LIST
Posts: 7,839
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We're in the Middle of a Crash
'We're in the Middle of a Crash': Black Swan - Financials * Europe * News * Story - CNBC.com
Quote:
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.
"We're in the middle of a crash," Taleb said. "So if I'm going to forecast something, it is that it's going to get worse, not better."
The government needs to deleverage debt and not try stimulus packages that will inflate assets, he said.
"What makes me very pessimistic in not seeing any leadership or awareness on parts of government on what has to be done, which is deleverage $40-to-$70 trillion," Taleb said.
"The monkey on our back is debt," he added.
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