{"id":1150,"date":"2010-05-10T23:31:43","date_gmt":"2010-05-11T06:31:43","guid":{"rendered":"tag:google.com,2005:reader\/item\/f02a324568f91e1e"},"modified":"2010-05-10T23:31:43","modified_gmt":"2010-05-11T06:31:43","slug":"nations-must-cut-debt-to-end-crisis-%e2%80%98black-swan%e2%80%99-author-says-businessweek","status":"publish","type":"post","link":"https:\/\/www.blackswanreport.com\/blog\/2010\/05\/nations-must-cut-debt-to-end-crisis-%e2%80%98black-swan%e2%80%99-author-says-businessweek\/","title":{"rendered":"Nations Must Cut Debt to End Crisis, \u2018Black Swan\u2019 Author Says &#8211; BusinessWeek"},"content":{"rendered":"<p>May 10 (Bloomberg) &#8212; Governments will only bring about an end to the credit crisis through the \u201cblood, sweat and tears\u201d of cutting the amount of public debt, \u201cBlack Swan\u201d author Nassim Taleb said.<\/p>\n<p>     \u201cThe crisis came from debt and you don\u2019t escape it with more debt,\u201d Taleb said in an interview on Bloomberg Radio\u2019s \u201cBloomberg Surveillance\u201d today. \u201cWe\u2019re in a situation where we had a patient who we discovered had cancer a year and a half ago and all we\u2019ve been giving the patient is painkillers. The tumor is getting worse because we are transforming private debt into public debt and public debt is not manageable.\u201d<\/p>\n<p>     Taleb, a professor at New York University who also advises Universa Investments LP, a $6 billion fund that bets on extreme market moves, said the financial system faces risk from increased complexity, and President Barack Obama should work with U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben S. Bernanke to cut debt.<\/p>\n<p>     \u201cMy fear is if we don\u2019t stop them now they\u2019re going to create hyperinflation,\u201d Taleb said. \u201cNobody has confidence in a guy like Bernanke.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>May 10 (Bloomberg) &#8212; Governments will only bring about an end to the credit crisis through the \u201cblood, sweat and tears\u201d of cutting the amount of public debt, \u201cBlack Swan\u201d author Nassim Taleb said.<br \/>\n     \u201cThe crisis came from debt and you don<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1150","post","type-post","status-publish","format-standard","hentry","category-feeds"],"_links":{"self":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts\/1150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/comments?post=1150"}],"version-history":[{"count":0,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts\/1150\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/media?parent=1150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/categories?post=1150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/tags?post=1150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}