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Nassim Taleb on fearing the 2% who rule us but never have to pay for their mistakes


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2018 May 13, 7:37pm   678 views  0 comments

by Patrick   ➕follow (55)   💰tip   ignore  

https://www.zerohedge.com/news/2018-04-21/nassim-taleb-warns-americans-should-fear-2-intellectuals-politicians

There is less “skin in the game” today than there was fifty years ago, or even twenty years ago. More people determine the fates of others without having to pay the consequences. Skin in the game means you own your own risk. It means people who make decisions in any walk of life should never be insulated from the consequences of those decisions, period. If you’re a helicopter repairman, you should be a helicopter rider. If you decide to invade Iraq, the people who vote for it should have children in the military. And if you’re making economic decisions, you should bear the cost if you’re wrong.

Ninety-eight percent of Americans - plumbers, dentists, bus drivers - have skin in the game. We have to worry about the 2 percent - the intellectuals and politicians making the big decisions who don’t have skin in the game and are messing the whole thing up for everybody else. Thirty years ago, the French National Assembly was composed of shop owners, farmers, doctors, veterinarians, and small-town lawyers—people involved in daily activities. Today, it’s entirely composed of professional politicians—people who are just divorced from real life. America is a little better, but we’re heading that way.


I love that guy. Debt indeed is slavery.
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