http://dailyreckoning.com/taleb-the-fed-will-be-gone-in-25-years/#ixzz1BPAKvHfu
Taleb: The Fed Will be Gone in 25 Years
By Rocky Vega
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Stockholm, Sweden – In the video below, Nicholas Nassim Taleb, author of The Black Swan, is interviewed about the economic crisis by the National Journal’s Matthew Cooper for the Washington Ideas Forum at the Newseum in Washington, DC. Taleb speaks openly about his disdain for Geithner, Krugman, and a raft of other “economists” that failed to see the crisis coming and don’t understand how to respond to it. Here are a few of his thoughts, paraphrased…
* If someone failed to predict the economic crisis before it happened then I don’t want to hear what that person has to say. If a person was able to see the crisis coming, then I want to hear what they have to say.
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* In the economy 25 years from now anything fragile will break, everything we’ve bailed out will break and it will cost us more. The Fed will be gone in 25 years because it “fragilizes” the country, and it will be gone and replaced by more organic things. The Fed is what got us in crisis, by trying to manage the economy and by pushing hidden risks that kept accumulating
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How true! If you got it wrong before, why should we listen to you?
The great advantage of commodity money (i.e., typically silver and gold), as opposed to fiat money aka “It’s money because the Gooferment says it is” (e.g., the United States “dollar” aka Federal Reserve Banknote, the Euro, the Yuan), is simplicity.
There’s no expensive bureaucrats at the Treasury or cartel members at the FED to pay for.
Why did we ever let them slip this one by us?
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