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

By Patrick following x   2018 May 13, 7:37pm 398 views   1 comments   watch   nsfw   quote     share    


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.
1   HEYYOU   ignore (25)   2018 May 13, 8:56pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Read this link twice. Always liked this guy!
I've understood his Black Swan before he coined the phrase.
Would the Civil War or The Great Depression be examples or too much evidence leading up to these wonderful events.
Gerald Celente-" When someone loses everything & has nothing left to lose,they lose it."
Like the Black Swan,no one may see it coming & the timing is unknown.

I have no clue if Taleb understands that when this happens,we all lose skin. Are there events in which no one is" immune from the consequences".
I believe he may have lived in a entitled bubble. How many Americans were born without his opportunities?
All his & my brilliance does not matter to those that are "Pissed off"?
Appearing to have nothing probably keeps one from being a target. Being in the public eye is not the best strategy?

I look at the possibilities & don't predict. Surprises are always entertaining.

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