- The US government has $21 trillion of debt, but few know and think about the $49 trillion in hidden debt.
- The global economy is not stable because the core is cracking already, think Italy.
- Taleb compares this debt environment with a Ponzi or Maddoff scheme.
- The main message is to be protected (gold, real assets, puts).
In a recent Bloomberg video, Nassim Taleb, the author of Black Swan and probably one of the best estimators of risk, is warning us that the financial situation is worse than it was in 2007.
As Taleb doesn’t share much data in his interview, I have researched each of his statements and attached a few facts to them.
The topics he discusses and I dig deeper into are:
- (0:00) Introduction
- (1:23) The bigger debt pile that has just been transferred from housing to governments.
- (4:16) The hidden debt few are taking into account.
- (5:48) How the economy is already cracking in some places.
- (6:32) The high probability of a global currency collapse.
- (8:01) What will happen and how will it pan out? Inflation.
- (9:36) 4 ways to protect yourself.
Enjoy the video.