A conversation with Nassim Nicholas Taleb
Posted on | March 17, 2009 | Comments Off by Aschwin de Wolf
Nassim Nicholas Taleb on economic models that we would be better off without:
Every time I saw [Federal Reserve Chairman Ben] Bernanke [on television], I would have a fit of rage. He claimed that we were in a period of “great moderation.” He did not understand that Black Swans are preceded by low volatility and the buildup of hidden risks. He mistook absence of volatility for the absence of risk. It was like someone sitting on dynamite and saying “It’s okay, we’re safe because nothing has happened.”
Read the complete interview here.
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