27 October, 2008

The big breakdown

No matter how bad you think it is, it's worse.

If you don't believe me, listen to Taleb and Mandelbrot. I've been watching this for years, hoping to avoid it. I still hope the system proves to be more resilient than these guys believe--a "break-UP" rather than a "break-DOWN"--but they make a strong case.

Thanks to zen for the pointer.

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