The European Union is Doomed
The European Union (EU) is doomed to fail, “Black Swan” author Nassim Nicholas Taleb said Thursday.
“The way they’ve been building it top down from Brussels is doomed to fail. This is 2016. They are still thinking 1950 economics,” said Mr. Taleb, who is also the author of “Antifragile”.
Mr. Taleb has warned about an EU breakup for some time, calling it stupid project in Y 2012.
In fact, the UK’s vote to exit the EU last week did not turn out to be the catastrophe that was expected, he said. While Brexit fears initially rattled global markets, stocks have been climbing back up over the last few days
While he is against the current bureaucracy in place in the Europe, he still believes countries can work together, forming free trade agreements and joint military and economic policies. He envisions an Anglo-Saxon economic zone that encompasses the US, Ireland, Scotland and Great Britain.
“People just realize that these elites don’t know what they’re talking about. It’s nice to have elites. … you don’t want them to tell you what to do,” he said. “So they are tired of that and it’s a rebellion.”
“You have waves and of course we have a wave and I think that … it’s spreading.”
That can be seen in the popularity of Donald Trump, he added.
“He’s a brilliant salesperson. He knows how to sell you real estate. … He knows what people want. And he detected exactly that point. And he is delivering but through trial and error.”
Latest posts by Paul Ebeling (see all)
- Key Stock Indexes, Crude, Gold & Silver Markets Briefing - April 27, 2017
- Forex Morning Briefing, Major Pairs - April 27, 2017
- Wall Street’s Top Analysts Upgrades, Downgrades & Initiations - April 27, 2017