Tag Archives: Bed of Procrustes

Friends, I need some help correcting a distortion…

Friends, I need some help correcting a distortion.
When you “call a fraud a fraud” that is the members of that 1% that-cause-harm-without-skin-in-the-game the strategy has been to turn your message into its exact opposite, something misanthropic “if he hates me, an economist-journalist-fragilista-modernity advocate, it means he hates everybody”. Or “if he hates modernity, he is a haughty elitist” the exact opposite of the true message that holds the nobility & independence of “those who make a living stanfing up or lying down”.
The corruption of the message has been largely controlled with ANTIFRAGILE. But people are still doing it with Bed of Procrustes.So I would welcome some contribution to the comments to dispel the cognitive dissonance there. Thanks!


via Friends, I need… | Facebook.

BBC News: Tuesday 14th December With Nassim Taleb

Links to BBC radio interview with NNT. HatTip to Dave Lull.

The intellectual guru Nassim Taleb has published
a collection of philosophical aphorisms.

He explores his favourite theme of the limitations of human knowledge.

NNT BBC Radio 12/14/10

Taleb Says Fed Policymakers `Do Not Understand Risk’

(This video is unavailable. )

The risks stemming from the Federal
Reserve’s efforts to stimulate the economy through bond
purchases are “humongous” and the central bank doesn’t fully
understand the potential effects, said Nassim Taleb, author of
“The Black Swan.”

“These people do not understand risk,” Taleb said in an
interview on Bloomberg Television’s “InsideTrack” program with
Erik Schatzker. He compared U.S. central bank policy makers to
the managers of Long-Term Capital Management LP, the hedge fund
that failed in 1998.

The Fed, led by Chairman Ben S. Bernanke, announced a plan
to buy an additional $600 billion in government debt last week
to support the economy after purchasing $1.7 trillion of assets
from December 2008 through March. Bernanke doesn’t understand
that the plan risks unintended consequences such as
hyperinflation and that it may ultimately backfire and introduce
a new crisis to global markets, Taleb said.

“He is someone who talks about returns without talking
about risk,” Taleb said. “It’s identical to a pilot talking
about speed and not talking about safety. The measure he’s
taking, quantitative easing, may work but should it fail the
risks are humongous.”

The Bed of Procrustes (Work in Progress)

HatTip to Dave Lull.

Since aphorisms lose their charm whenever explained, I only hint to the reader the main subject of this book, which corresponds to the central theme of Fooled by Randomness and The Black Swan, though rephrased in an aphoristic style —