Headline May 6th, 2012 / The Pied Piper Of Finance!'

Part 4 -"The Pied Piper Of Finance!"

Respectful dedication to all the corporations of the World who went belly up!

James Gosling Creator of Java

Bill Joy  Sun Microsystems

In a nutshell, as the context of this Recession continues, the Prof's view is that not only had the World Bankers, led by those of America and UK, -- totally neglected to guard against extreme events such as the growing amplitude of sub-prime mortgage defaults, but they had also swallowed wholesale, -and promoted to business and the Political class an ideology of spurious 'quantitative analysis' that banished the realities of risk from their calculations. 

"Value-at-risk"...Thwack! Thwack!! "Mean variants". Thwack!! And Prof Taleb's specificity about somethings can only be matched by his willingness to say the unsayable for a talking head: ''I don't know'' And to compound it: 'I wake up every morning knowing that I don't understand what's going on.' So, naturally such genuine humility and intellectual honesty simply couldn't be assimilated by the pundits or the presenter so they ensured that they swerve the discussion around him. And it sure must have infuriated. 

On watching this scene play out as a clip, it strikes one in the face that there was a great--and distinctly--modern paradox in all this: Taleb the man who refuses to make prophecies, had become the most prophetic voice of all. After outlining the continuing presence of toxic debt in the system, explaining how the Bankers had overreached themselves, and observing that the same people were now at the helm of policy. The same ones who brought about this mess, and misery.

But over and above this terrible imbroglio, and much against the grain of the Professor of offering Policy suggestions, Taleb did concede that : "I am getting very interested in Islam and its prohibition on debt. With leverage for one person to make money the other must lose. It is a paradox of Buridan's ass- financially stated."

And with an ocean of toxic debt in the system, Nassim Taleb is forthright about the need to Nationalise Banks!!!? Hahha! So dear readers stay tuned for later posts as we pull it all together! 

And have fun over the weekend!

Good Night & God Bless!

SAM Daily Times - The Voice Of The Voiceless

Part-1  Part-2  Part-3