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View Diary: Ordinary people losing trust in the economic system - and doing something about it (191 comments)

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  •  Black Swan Effect? (9+ / 0-)

    Excellent post as usual!

    I heard an author on MSNBC, Nassim Nicholas Taleb, talk about "Black Swan Effects" on systems and in particular he noted the financial system as a negative on.

    For a positive system he noted the airline industry because every random crash has caused a re-evaluation of sfety protocols that have over time made it one of the safest way to travel.

    For a negative example he chose the banking and financial system because the brokers and bankers assume no risk, they have no skin in the game as it were to give them an incentive to improve the system.

    Your comment on credit unions as "beneficiaries" from our current economic collapse made me wonder about the long term trends.

    Here is a simple explanation of  Nassim Nicholas Taleb's theory:

    Black swan theory

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