Nassim Taleb on #OccupyWallStreet, Global Banking and Hammurabi’s Code

Video Title: Nassim Taleb on #OccupyWallStreet, Global Banking and Hammurabi’s Code

 

 

 

 
 

YouTube URL:  http://youtu.be/fDMCXMrLAdM

 

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Uploaded by fal2grace on Oct 20, 2011

Oct. 18 (Bloomberg) — Nassim Taleb, author of “The Black Swan” and a New York University professor, discusses the “Occupy Wall Street” protest and his view of the global banking system. Taleb, speaking with Erik Schatzker on Bloomberg Television’s “InsideTrack,” also discusses the need to apply the principles of “Hammurabi’s Code” to the banking system.

Copyright Bloomberg 2011

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Nassim taleb Hammurabi’s Code occupy wall street protests protesters ows Bloomberg interview global banking black swan

 

 

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Transcription:

 

Erik Schatzker: What to make about Occupy Wall Street?  Will this be a passing fad?

 

Or a mass movement that sweeps the Western world.  Overthrows governments and plunges us all into anarchy.  A political black swan if you will.

 

Well there is really one person.  Who can answer that question?

 

The man who coined the term Black Swan to describe improbable events.  Or at least highly improbable events.

 

Is an options trader turned philosopher for the modern age.  The distinguished

 

Nassim Thaleb:  Oh thanks

 

The Distinguished Professor of Risk Engineering at New York University.  Nassim Thaleb

 

Erik Schatzker:  Nassim I know you’ve been wrestling with this very question

 

Nassim Taleb:  Yes

 

Erik Schatzker:  What are the alternatives if you will?  Right you think about Wall Street, Occupy Wall Street.  If you go one way or the other.  What are they?

 

 

Nassim Taleb:  Let me, let me first tell is my fear.  My fear is the thing generates into class struggle.

 

Because people don’t quite understand the, the nature of the problem that we have been facing the last ah 4 years

 

Erik Schatzker:  A Marxist class struggle of sorts

 

Nassim Taleb:  Some kind, some kind of 2nd generation ah you know… 2nd generation version of that alright.  So it would be going against it

 

Erik Schatzker:  So it going to be all over again

 

Nassim Taleb:  Whatever it is.  It’s just like you have to understand that.  We still live in an environment that is 1 man 1 vote.

 

And eventually ah banks have ah fewer votes and the lobbyist can be threatened.

 

Because politicians of course can be swayed by lobbyist uhm most days when they are in Washington.  But when they have this, this can degenerate.  So you, it needs to be pre-empted very quickly.  Ah…

 

Erik Schatzker:  Pre-empted

 

Nassim Taleb:  Yeah

 

Erik Schatzker:  By whom?

 

Nassim Taleb:  Okay but let’s, let’s look at the 2 tension alright.  On one hand the Administration, the administration seems to be quickly impervious to any norm of ah… irrational behaviour concerning the crisis okay.

 

Erik Schatzker:   We are talking about

 

Nassim Taleb:  The banks, okay the banks, the bank bailout

 

Erik Schatzker:   The Obama administration

 

Nassim Taleb:  The Obama administration.  The bank bailout-.  They reward those who made mistakes.

 

They’ve brought Geithner in.  That kept ah supported Bernanke’s re-appointment.

 

And of course look at the Bank.  Okay the bank bailout is a masquerade of, of ah… economics.

 

The banks have made, the banks fighting with the US ah… with the SEC here.  So it includes some of the national banks.

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