Saturday July 11, 2020

Nassim Nicholas Taleb: The danger of debt

The world has been through a huge crisis caused by too much debt – from which we have learned absolutely nothing

25th October, 2015
4
Something is badly wrong with the global economics narrative. Pic: Getty

Let me give you my narrative of seven or eight years of crisis.

First of all, the crisis was a crisis of debt. In other words, the world had an awful lot of leverage.

So let’s talk about debt. Debt has been identified as being the cause of many struggles in history, starting with the Babylonians - probably before that too. Given the effect of debt on society, it is not recommended.

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