(Video) Fooled by globalization

[JohnyCanuck]

(This is a repost from the Political Videos forum.)

A sobering discussion on the nature of the current economic crisis and why this one may be very different from ones in the past.

The problem: globalization adds exponentially to the complexity of potential outcomes, but the banking system is not designed to absorb the kind of rapid and massive changes globalization makes possible.

These aren't two hippies railing against the system. This is one of most insightful mathematicians and one of the most accomplished options traders of our time. 10/21/08: PBS NEWS HOUR Interview with Nassim Nicholas Taleb, famous economist and author of "The Black Swan" and Dr. Mandelbrot, professor of Mathematics. Both say that the present economy more serious than the Great Depression, and the economy during the American Revolution.

http://www.brasschecktv.com/page/542.html

[JohnyCanuck]

1. kick n/t