"EURO IS DOOMED AS A CONCEPT", declares the author of "The Black Swan", Nassim Taleb, at a recent interview with CNBC. Adding that "We had less debt cumulatively [two years ago], and more people employed. Today, we have more risk in the system, and a smaller tax base. [...] Banks balance sheets are just as bad as they were" two years ago when the crisis began and "the quality of the risks hasn't improved."
Part I: While discussing the outlook for the global economy with Bob Long (CEO, Conversus Capital) on CNBC, Taleb says, "We have no other solution but to slash debt".
Part II: "The balance sheets of banks are just as bad as they were" two years ago when the crisis began and "the quality of the risks hasn't improved," argues Nassim Taleb.