Black Swan author Nassim Taleb warns that the US is facing a potential financial "death spiral" as the national debt increases by $201 billion in just one month, reaching $34.191 trillion. Taleb criticizes Congress for avoiding addressing the growing fiscal deficit, fearing the consequences of doing the right thing. He emphasizes the vulnerability of the US economy to external shocks due to globalization and interconnectedness, expressing gloom about the Western political system's ability to address the situation.
Nassim Taleb, who predicted the 2008 financial crisis, warns that the U.S. is in a "death spiral" due to its national debt, which currently stands at $34.14 trillion. He believes that a "miracle" is needed to rectify the issue and expresses gloom about the Western political system. Taleb also criticizes the stock market, stating that companies are overvalued and that analysts have lost sight of how to appropriately value them. Other Wall Street figures have also sounded the alarm about the debt level and stock market, while some experts remain bullish about certain tech stocks.
Nassim Taleb, who predicted the 2008 financial crisis, warns that the U.S. is in a "death spiral" due to its national debt, which currently stands at $34.14 trillion. He believes that a "miracle" is needed to rectify the issue and expresses gloom about the political system in the Western world. Additionally, Taleb and other Wall Street figures are sounding the alarm about the stock market, with concerns about overvaluation and the lack of understanding in valuing companies. Despite this, some experts remain bullish about certain tech stocks.
Nassim Taleb, author of 'Black Swan', criticized Bitcoin and other cryptocurrencies, calling them a fad and a cult. He believes that the Federal Reserve's upcoming FedNow system will put cryptocurrencies out of business. Taleb also dismissed the idea that crypto is a generational trend, saying that experience should be glorified over ignorance.
Nassim Taleb, author of The Black Swan, has criticized Bitcoin, calling it an ineffective cult that doesn't even facilitate illegal transactions well. He also criticized broader crypto culture, describing it as fanatical and dysfunctional. Taleb previously invested in Bitcoin but began selling his crypto in 2021 because he found the currency too volatile. He also predicted that the Federal Reserve could pull the plug on crypto at any moment and would replace Bitcoin next month with FedNow, an instant payment service the Fed plans to introduce in July.
