Quote of the Year

Nassim Taleb, in typical fashion, counters all the current opinion that says we have turned the corner. He makes the case that not until a fever-pitched harmonic is achieved that deafens government officials and disposes of incompetent bankers alike who have run the world economy aground, will real systemic change be realized.

Ben Bernanke saved nothing! He shouldn't be allowed in Washington. He's like a doctor who misses the metastatic tumour and says the patient is doing very well. The first thing I would tell Chinese officials is, how can you buy U.S. bonds as long as Larry Summers is there? He's a textbook case of overconfidence. Look what happened to Harvard's finances. They took a lot of risk they didn't understand, and it was a disaster. That's the Larry Summers mentality.

Nassim Taleb in the Globe and Mail, "We still have the same disease"