President Barack Obama’s decision to reappoint Ben Bernanke as Federal Reserve chairman has pushed investment guru Nassim Nicholas Taleb to seek refuge in his library.
“What I am seeing and hearing on the news — the reappointment of Bernanke — is too hard for me to bear,” he writes on The Huffington Post. “I cannot believe that we, in the 21st century, can accept living in such a society.”
Taleb, author of the acclaimed book The Black Swan, said he doesn’t blame Bernanke for dangers in the economy and financial system.
“He doesn't even know he doesn't understand how things work or that the tools he uses are not empirical,” writes Taleb, an adviser to hedge-fund manager Universa Investments.
“It is the Senators appointing him who are totally irresponsible, as if we promoted every doctor who caused malpractice. The world has never, never been as fragile. Economics make homeopath and alternative healers look empirical and scientific.”
And what is Taleb’s solution?
“I need to withdraw as immediately as possible into the Platonic quiet of my library. . . . I will also structure trades with my Universa friends to bet on the next mistake by Bernanke, Summers and Geithner.”
Not everyone thinks so poorly of Bernanke. Investment legend Warren Buffett told CNBC the Fed chairman is a hero for his response to last year’s financial meltdown.
Without Bernanke and others, “it could have turned out a lot differently,” Buffett said.
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