Charlatans, Imbeciles and Fed Governors
Q: What is the duration of a security with a negative yield? Hold that thought. Noted financial author Nassim Nicholas Taleb has little patience for economists. “Charlatans & economists use logical flaw: because a pilot is expert, they are experts,” notes Taleb in a recent tweet. “But pilots are selected via skin-in-the-game mechanisms. Plumbers, dancers, dentists, mathematicians, snipers, pastry chefs are experts. Economists BS for a living.” Nowhere is this obvious distinc