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"Black Swan Event"

It has become fashionable these days to call a highly improbable event, ‘A Black Swan event’, an obvious reference to the hugely popular book ‘The Black Swan’. And now, Nassim Taleb, its author has once again decided to cash in on the phenomenon by coming out with what he believes are 10 principles for a ‘Black Swan-proof’ world. Well, i am not going to give you the summary of his principle; here is a quote for you to analyse
Taleb states, "This crisis cannot be fixed with makeshift repairs, no more than a boat with a rotten hull can be fixed with ad-hoc patches. We need to rebuild the hull with new (stronger) materials; we will have to remake the system before it does so itself. Let us move voluntarily into Capitalism 2.0 by helping what needs to be broken break on its own, converting debt into equity, marginalising the economics and business school establishments, shutting down the "Nobel" in economics, banning leveraged buyouts, putting bankers where they belong, clawing back the bonuses of those who got us here, and teaching people to navigate a world with fewer certainties." I hope the regulatory authorities are listening!

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