Global Crisis 'Vastly Worse' Than 1930s, Taleb Says

Global Crisis 'Vastly Worse' Than 1930s, Taleb Says

www.bloomberg.com

May 7 (Bloomberg) -- The current global crisis is “vastly worse” than the 1930s because financial systems and economies worldwide have become more interdependent, “Black Swan” author Nassim Nicholas Taleb said.

“This is the most difficult period of humanity that we’re going through today because governments have no control,” Taleb, 49, told a conference in Singapore today. “Navigating the world is much harder than in the 1930s.”

The International Monetary Fund last month slashed its world economic growth forecasts and said the global recession will be deeper than prev

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And we keep getting hints that the current crisis is worse, and will get worse instead of better as some politicians try to advertise.

People around the world should seriously consider having stored essentials, such as food, medicine, and any other necessary items that might be needed for at least 1-2 months.

Personally, I have been getting ready storing food, and other necessities for a lot longer than 2 months, but it is up to everyone else to decide what they want to do, and also how much they can spend on storage items.

Things will continue to get worse and prices will continue to go up, so there is still time to just store some essentials just in case.

If you can buy some gold, or some silver, but also have some money in hand.

www.bloomberg.com
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things realy ante lookin good if i had the money i would totaly agree on stocking up on essetials, but will have to make do with my survival books and hope that i never have to use anything in them i`m not the ray myers type

Originally posted by ElectricUniverse

People around the world should seriously consider having stored essentials, such as food, medicine, and any other necessary items that might be needed for at least 1-2 months.

Things wont get THAT bad...

When the worlds largest exporter, Germany, says that the recession is turning around for them and exports are back on the rise.. it must mean something good.

I couldn't be bothered finding a link.. I saw it on EuroNews about 45 mins ago.

The markets are back on the climb and as long as its not a dummy rush on investments, it should stand for something..

I still cant shake the feeling that there will be another smaller crash in the near/immediate future though.

From the Taleb article: "The Great Depression saw an increase in global trade barriers and was only overcome after President Franklin D. Roosevelt’s New Deal policies helped revive the U.S. economy."

reply to post by ElectricUniverse


IMHO most economists do not credit FDR economic policies with bringing us out of the 30s depression. Not until our entry into World War II did the US get relief from the depression. FDR gave tax breaks to the "little man" (a term popular then) and taxed businesses heavier (FDR was born rich and hated business). His policies were exactly the wrong approach for turning aroung the depression. WWII saved FDR however, not a second too soon! LOL!

What I'm saying is that if Taleb thinks FDRs policies were good then that puts the rest of what Taleb is saying into question. How smart is this guy? He also says that gold and copper are bound to go way up in price while also saying that we are in deflation. Generally commodity prices including precious metals go down in deflation simply because money is disappearing, going away, in the depressed markets.

So this guy is not my financial, world watch geru! What do you think?

It kind of depends on why the markets go down. We had a period where most actually fled to physical gold, rather than gold stock, some did both.

I think the reality of this problem is we have stagflation and will skip right on to hyperinflation.

Last time it was panic but weve yet to see blood on the streets. I agree the War brought us out of the Depression. This time wars will be part of our demise.

The plan is we’ll put money in the economy by taking money out of the economy then putting it back in the economy and taxing it as it passes back through the door.

We’ll hope this Casino type economics works. If not we are all screwed. (Globally)

reply to post by Dermo



Do you remember how long it took for politicians to admit the world was in a finantial crisis?

How many times did they say it was about to get better, yet it didn't?

Meanwhile all the news media, and politicians around the world were claiming "everything is alright, and there is no crisis" things kept getting worse, and the same people that predicted this when everyone else, including the media, was saying "everything is fine", these people are saying it will only get worse.

They have been right so far and imo they are still right. This is not over by a longshot imo.


[edit on 8-5-2009 by ElectricUniverse]

I really wish the economy was really getting better, but what are governments doing? spending more, and they want to implement MORE taxes. I won't let my family or myself become a victim of this. I'll rather be prepared, than get caught unprepared and hope the government will help us.

Wait...because the governments have no control? Wait, isn't it because they have too much control? Also, this guy is off his rocker, and makes money from fear. The economic crisis is bad, but no where near the 30s.

It kind of depends on why the markets go down. We had a period where most actually fled to physical gold, rather than gold stock, some did both.

reply to post by wonderworld

There will only be a flight to gold if people panic (like Taleb predicts and apparently wants). You hear soooo many people predicting doom and gloom and some people are actually buying gold but the price hasn't gone up much. No economic reason it should is my point.

I haven't done a search on this Taleb but he sounds just like a left wing Obama mouthpiece with his revisionist praise of the (otherwise failed) FDR administration. Obama persists in his doom and gloom sinario so people will panic and support his ultra left wing agenda people would normally reject out of hand. Something about the bully presidential pulpit makes people actually think Obama knows what he is talking about. Unfortunately Obama has little worldly experience and a lot of radical political background. Doesn't serve him well.

Yes the economic Crisis is worse than the 1930's. Yeah Germany gets to come out stronger on the playing board again. I tell you they employ a consistent strategy in the World War Real Life Version Game brought to you as always by the Rothschild Brothers. Who much to their sterling credit and constant innovations bring you the World War 3rd Edition Real Life Version this time with interactive realtime video and audio. Pop plenty of Pop Corn and let the kids stay up late and invite the neighbors. Everyone gets to play this game.

It starts as usual when the Bankers take all the money off the board and the players get to select fun exicting pieces like the "Axis of Evil" a "Thousand Points of Light" the "Coalition" the "Evangelist" "The Martyr" new in the 3rd Edition Game are the "Patriot" and the "Anti Christ" pieces!

Yeah! Once everyone selects their piece and starting teritories as always its a roll of the dice to see who gets to go first! The bankers then get to bet initially by investing lots of money in that country's industry and political process and ambitions of empire! It's a strategical bet based on the immediate avalibility of critical natural resources to build, build, build that war machine! Other bankers with a keen eye will hold off for the other players to get their first turn before shrewdly and cleverly betting on a player that might be able to come up with more resources to build, build their war machine.

Of course some populations of these fun colorful pieces will have to have their emotions inflamed with the occasional chance card, while others might stumble into unknown wealth while looting the nations they invade community's chest. It's a fun game from start to end that the really poor appreciate getting to play in as pawns the most because well they are really poor and have nothing else to do. Don't feel bad the rich suffer the same affliction when it comes to this game! They are really rich and very bored with doing everthing and anything else. Kids, Moms and Dads, and Grandparents alike all get to play this game its a fun family event you don't even need much money for as you are starved, exposed to disease, infrastructure collapses, shortages and rationing, while being shot at, bombed, sometimes captured, robbed, raped and killed! Best yet you can stay up all night playing since the bombs make so much noise, pray to your hearts content and not worry about having to go to work or school in the morning since there are none!

Why are people complaining? Don't you want to play this game again?

I suggest Clue, it's a much more user friendly game.

People should get one in a hurry!

reply to post by ElectricUniverse


I'm sorry but your concept of storing up essentials is simply ludicrous. Do you really expect to maintain your sedentary lifestyle come an apocalypse?


Nope... if the world ends tomorrow, I go back to my genetic lineage... nomadic tribalism.

It will be the REAL socialism that occurs in every tribe. And I will be a part of that... will I want to bring a few things likes books on survival and maybe some meds and mind altering drugs? You betcha... but all that will be simply a temporary attempt to survive, and the real survival will come in the world after that.

Either way... I don't expect to see it... but If I do... I just revert to my genetic inclinations.

Originally posted by ElectricUniverse
reply to post by Dermo

 

Do you remember how long it took for politicians to admit the world was in a finantial crisis?

How many times did they say it was about to get better, yet it didn't?

Look, ill put it to you this way..

If you want to believe that your ATM's wont work, your shops wont have any food and you will have to protect your house with a gun.. work away. You will only end up winding yourself up.

I know for a fact thats not going to happen to you.. and I know for a FACT FACT that its definitely not going to happen to me even though my country is one of the worst affected.

If it does, ill send you my address and you can come over here and give me a kick in the ass for myself.

I fail to see how this is worse- how would he like to live like on of the millions who died in the famine induced by Stalin in the 1930s or how would he like to live like one of the "okies" in the US in the 1930s- how about he actually lives like it was back then and then reassesses his "views"............