Any system that is deprived of its natural volatility, with government up (unintelligible) volatile, any system becomes very fragile.
Nassim Nicholas TalebAnything organic requires some dose of variability so it can adapt all the time, and fixing things is not a good idea.
Nassim Nicholas TalebThe bonus for bankers fragilizes the system. Someone has the upside at the expense of others.
Nassim Nicholas TalebMany people keep deploring the low level of formal education in the United states (as defined by, say, math grades). Yet these fail to realize that the new comes from here and gets imitated elsewhere. And it is not thanks to universities, which obviously claim a lot more credit than their accomplishments warrant. Like Britain in the Industrial Revolution, America's asset is, simply, risk taking and the use of optionality, this remarkable ability to engage in rational forms fo trial and error, with no comparative shame in failing again, starting again, and repeating failure.
Nassim Nicholas Taleb