Only a “miracle” can reverse the problem, the renowned economist believes
The burgeoning US debt pile is akin to a “death spiral” that only a “miracle” could extract the country from, economist and ‘Black Swan’ author Nassim Taleb said at a business event on Monday, as quoted by Bloomberg.
Taleb defined the expanding US debt load as a “white swan,” meaning a risk event that is highly predictable and more probable than a “black swan” event, a metaphor describing an occurrence that comes as a complete surprise.
“So long as you have Congress keep extending the debt limit and doing deals because they’re afraid of the consequences of doing the right thing, that’s the political structure of the political system, eventually you’re going to have a debt spiral,” Taleb said. “And a debt spiral is like a death spiral.”
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