
Or maybe not. Nassim Taleb - in the latest interview over at EconTalk - seems to have turned against debt entirely: he's now back to the Babylonians, arguing that debt and leverage increases complexity and therefore vulnerability. Kind of like we have now.
Here in Europe we are undoubtedly in a bad place. The barbarians aren't so much at the gate as in the trading rooms. With the eurozone at the heart of a massive, sovereign-debt bubble that could potentially end in tears (or 'debt restructuring' as it is known euphemistically). But won't Germany save us? Apparently not: if Germany's local governments were independent countries they would be in an even worse state than Greece.
Perhaps Polonius in Shakespeare's Hamlet was right: Neither a borrower nor a lender be.
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