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Professor of risk analysis and author of Black Swan, Nassim Taleb explains how to save capitalism and why Obama will fail with Geithner’s current plan.
Professor of risk analysis and author of Black Swan, Nassim Taleb explains how to save capitalism and why Obama will fail with Geithner’s current plan.
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i wonder if this guy met professor steve keen, they both seem to have the same views
my surname is TALEB to !!! this is my father? jauajauajauaj
The property isn’t “private” in a sense that you cannot own it without paying the State and you cannot utilize it in manners the State deems unlawful. That number is far less than 90% by the way. Don’t federal employees outnumber manufacturing jobs 2:1 currently? You agree with me that the US is fascist but then go on to claim it’s capitalism; this makes no sense. It’s fascist, not capitalist. Capitalism is private ownership of means of production and freedom of exchange.
If a majority of people worked for state owned business you’d have the beginning of an argument.
A system of private property where more 90% of the population works for other private citizens and you say this isn’t capitalism.
And if the firm employs less than 500 employees it doesn’t have to report its hiring practices so discrimination regulations are nullified by that legal req’t.
Fascism is the marriage between the corporate and the state. We do have that. A few individuals run the USA.
The people that claim that the US and the greater part of the world is “capitalist” are the same idiots who think Milton Friedman was a “free marketeer”. The fact of the matter is that these same people are completely ignorant of the Austrian School and have probably never even read an article let alone a book by anybody from this school of thought.
The US follows the ten planks of communism to varying degrees. While there is not a total abolition of private property, you have to pay to simply own property you have fully paid for, the property is zoned, and regulations direct the use of the property. Anybody who wasn’t asleep from 1913 (especially the 1930s) to the current time would realize the US is fascist with some socialist sectors of its economy. The government stealing half of your income is not capitalism.
Denying that the current system is capitalism by arguing that there are regulations isn’t a persuasive point.
Can it then be said that there is no communism until every acre of land no longer has a private owner?
The all or nothing argument is just a distraction from capitalisms mounting failures.
Value is subjective. Gold and silver have “value” because people prefer them over other assets. Whether or not you comprehend or accept this is irrelevant.
Capitalism doesn’t exist in the world as far as I can see. A central bank is as socialist as it gets, along with a progressive income tax, property taxes, 70,000 pages of regulations enforced by over 100 federal agencies and departments (US); wow, what a free market! Property rights are not concomitant with the State, the State can only steal from people by threatening them with violence. I hate to tell you but the US and much of the world is the antithesis of capitalism.
Ditto. Capitalism is doing what it does. People don’t understand capitalism so the think it’s messing up temporarily.
That is what capitalism does in every big industry. No different in the financial sector.
he called it “socializing the losses, privatizing the gains” – brilliant.
Capitalism as such is no more then a play of words, the real implementation of capitalism is a plutocracy. People are just to stupid to understand that what we are seeing now is the effects of what capitalism produce.
Capitalism has not failed, it is thriving and making the powerful (capitalists) richer while the non-rich have to hand over their wealth.
Just to answer your question, you are stupid and do not understand the meaning of the word capitalism so you may suffer!
If Taleb wasn’t a deranged capitalist himself, I could really get behind him. His critiques make a lot of sense.
This is comment is offensive to intelligent people. Trying to pass off the faults of this system as som e aberrant form is the exact thing some Socialists do with Stalin’s starving of millions.
That wasn’t socialism that was (take your pick).
Bullshit. This is capitalism with many, but not all, its warts.
private profits
socialized losses.
Unreal.
Of course the “current system” is not pure capitalism. But your distinction between a “Financial Capitalism” and Capitalism is mere semantics, longspear. Capitalism is a financial / economic system and is not practised anywhere in a generic sense since 1913. If you mean to associate capitalism with some political agenda, then you have fallen into the same systems-trap the Marxists can’t seem to see past. So have fun with your silly arguments. But don’t bother me with them.
The current system is NOT capitalism. It is “Financial Capitalism”. more akin to “Corporatism”. This is NOT capitalism.
debtinterest….. if you are attempting satire its beyond you. if your not I afraid. You would be to if you could understand. If your deliberately inflaming the situation for fun you need to get out more. And not to iraq. in any capacity.
what an idiot hahaha~~ using all that words to make one point hahahahaha~~ typical dumbass who think he is so smart~~~ ahahahah~~ using lots of words do not make you sound any smart~ hahahaha~~~ dumb stupid animal~~ hahahaah people like you should go to Iraq and get killed by suicide bomber~ hahahaahah~~~
Speak immaturely, with ad hominem attacks, to your adversarial debater and end it with a “hahahahahah.” Never mind debating with facts and observable economic data supported by sound economic theory. Continue to speak so eloquently about the status of our economy and how wrong Austrian are and you’ll soon have all of us believing you.
typical moronic answer by Austrian school freaks hahahahaha~~~
Your command of economics is second only to your command of English.
hahahahahaah~~ another crack pot Austrian school freak.. hahahaha~~~~
Capitalism is an economic system, and has proven to work extremely well. It is only when government is permitted to exercise control over the free market that problems have arisen – witness the current financial mess. The Fed is not a free market – capitalist – entity, it is just the opposite. It was the Fed, and the politicians who corrupted the system, all for the love of money. The real problem with money is it is invisible. Democracy = Money. Get your politicians out of the market!