The European Union is Doomed

The European Union is Doomed

The European Union is Doomed

The European Union (EU) is doomed to fail, “Black Swan” author Nassim Nicholas Taleb said Thursday.

 He said in a TV interview the EU has become a “metastatic and rather incompetent bureaucracy” that is too intrusive.

“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.

 Mr. Taleb also does not see Brexit as an isolated event.

“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.”

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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