In November of 2013 I wrote the post below after I read two Taleb’s books. His book “The Black Swan” is brilliant! Everyone must read it or at least to look it up HERE and choose what particular parts (chapters) of the book to read now. I am sure that everyone will find a lot of interesting in the book.
I reblogged this post because it is essential today to understand Taleb’s explanations of the last financial crisis, of the ways government policies influence our way of life and predictability of the future.
I also recommend to read an article at the end of the post about Taleb’s tweets.
America has more Nobel laureates in economics than any other country. There are thousands of experts in universities, banks, brokerage companies, insurance companies, etc.
Thousands of people work for the government and tell our presidents and the Congress what to do to keep economy growing and to keep people employed.
There is also a mighty Federal Reserve System. It is the central banking system of the United States. “It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907…
The U.S. Congress established three key objectives for monetary policy in the Federal Reserve Act: Maximum employment, stable prices, and moderate long-term interest rates… The first two objectives are sometimes referred to as the Federal Reserve’s dual mandate… Its duties have expanded over the years, and today, according to official Federal Reserve…
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