Friday, June 11, 2010

Debt Spreading 'Like a Cancer'

Subject: txt intl mny sclm -
The economic situation today is drastically worse than a couple years ago, and the euro is doomed as a concept, Nassim Taleb, professor and author of the bestselling book ''The Black Swan,'' told CNBC on Thursday. ''We had less debt cumulatively (two years ago), and more people employed.

Today, we have more risk in the system, and a smaller tax base,'' Taleb said. ''Banks balance sheets are just as bad as they were'' two years ago when the crisis began and "the quality of the risks hasn't improved," he added.

[I.e., northing's been fixed.]


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