Government Worldwide Incompetence

Please consider what the highly-respected author of 'Black Swan' has to say about Covid Incompetence and Denial.

Six Key Ideas

  1. I think this is a case study of government worldwide incompetence in dealing with a problem and denial,” said Taleb, whose bestselling 2007 book warned of highly improbable events and their potential for severe consequences. 
  2. Ten months into the pandemic, we still don’t have systematic testing when you board a plane or when you want to go to a restaurant or something,” said Taleb, formerly a professor of risk engineering at New York University. 
  3. If we had instant, systematic testing, we wouldn’t be here. We wouldn’t be talking now about the pandemic.”
  4. We don’t know what’s going to happen. Imagine this continuing until January, February, March because in the winter people are inside so contagion rates are higher,” Taleb said. “Think about what can happen. It’s not that rosy.”
  5. Taleb is a former derivatives trader and also a scientific advisor at Universa Investments, a hedge fund that earned a return of more than 4,000% in the first quarter. Universa uses a complicated risk mitigation strategy known as tail-risk hedging that positions the fund to profit from dramatic market corrections spurred by so-called black swan events. 
  6. You should realize you have more uncertainty ahead now than you think. The returns can be a lot better or a lot worse than you think,” Taleb said, though he refused to comment on returns directly. “There’s a tendency of people to underestimate that uncertainty is chronic.”

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In a video interview (click on preceding link to play) Taleb had this key thought that was not in the article.

"We still spend trillions of dollars worldwide on nuclear weapons when the risk is the virus. The solutions are not that complicated. So I think this is a case study in government worldwide incompetence and denial."

This is not just Trump, incompetence is everywhere you look.

 But Trump is the chief denier.

Mish

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