The News In Shorts

How the news would look if everyone stopped waffling and told the truth.

Monday, 12 March 2012

Is Cameron A "Black Swan" Event?

Back in 2007 a financier and academic, Nassim Nicholas Taleb pictured above, wrote a book called "The Black Swan" that put forward the startling theory that some events are entirely random, unpredictable and have profound effects on the world. Hardly a world shattering idea as anyone who has lived more than ten years on this planet can testify. However, Mr Taleb then went on the characterise the recent financial crash as one such "black swan" event. This, unfortunately, ignored the fact that he himself had predicted it and, as a financial wizard, had made a great deal of money out of it. It also blithly ignored the fact that many people, marginalised as they may have been, did predict the disaster. Now this genius in stating the bleeding obvious has a new angle on the crisis. Austerity measures, he tells us, are a necessary shield against any further financial shocks. Again, unfortunately for the rest of us, these measures should be shouldered not by those who caused the disaster (like Mr.Taleb himself) but by the mass of ordinary people who had nothing to do with it. All this would be rather laughable if not for one disturbing fact. Mr.Taleb has an admirer - David Cameron who thinks this purveyor of self-serving twaddle is a genius. So, as I'm sure you'll be happy to know, the misery being inflicted on you is necessary if the the financial system is to be protected and will continue for the foreseeable future. Mr.Taleb is basically saying that the capitalist system is so fragile that it must be protected against the likes of me and you and, in order to protect the wealthy, it must hunker down in a disaster-proof bunker. Talk about the blind leading blind, or in this case, the idiotic leading the truly stupid.

No comments:

Post a Comment