- Nassim Nicholas Taleb said millennials and Jane Z don’t understand economics.
- Talib warned of the Federal Reserve’s decision to cut interest rates.
Bitcoin is a “tumor,” according to a former cryptocurrency supporter turned critic Nassim Nicholas Taleb. On Thursday’s episode of CNBC’s Squawk Box, The Black Swan Nassim author Nicholas Taleb said millennials and Jenzels don’t understand economics since they grew up in an era of low interest rates from Federal Reserve.
“I think we’ve had 15 years – 14 and a half – of Disneyland that basically destroyed the economic structure. Think about it – there are no interest rates. So anyone says 40 years […] He has no experience in the markets. zero. They don’t know the time value of money.”
Lawyer turned critic
The Black Swan, Taleb’s bestseller, delves into concepts such as chance, danger, doubt and possibility. It’s based on the idea of a “black swan event,” an unexpected but very significant event that could far be interpreted as something less random and more predictable in the past.
In an interview published Thursday, Taleb warned that the repercussions of the Fed’s decision to drastically cut interest rates will be felt in society in the long run.
Talib also said:
“Zero interest rates for an extended period of time, you are hurting the economy, creating bubbles, and producing tumors like bitcoin.”
A few years ago, a student was interested in cryptocurrency and even owned it. Back in April of 2020, he advised the people of Lebanon to “use cryptocurrencies!” But later the Bitcoin student described it as a “failure” in February 2021 due to his volatility and said he was liquidating his Bitcoin holdings. He cemented his slide into crypto-no-no in April of last year when he said that Bitcoin “has the characteristics of an open ponzi”.
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