"Globalization creates interlocking fragility, while reducing volatility and giving the appearance of stability. In other words it creates devastating Black Swans. We have never lived before under the threat of a global collapse. Financial Institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks – when one fails, they all fall. The increased concentration among banks seems to have the effect of making financial crises less likely, but when they happen they are more global in scale and hit us very hard. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur ….I shiver at the thought." – Nassim Nicholas Taleb: The Black Swan: The Impact of the Highly Improbable (2007)
Jim’s Quote of the Day:
- Ad SOURCE FOR IVERMECTIN / HCQ, ANTIBIOTICS, ALL REGULAR MEDS“Mygenericstore” is a well-established pharmacy service that deals primarily with generic medicines produced by quality-assured manufacturers from developing countries.
- Ad Follow the Author Don Shift Basic SHTF Radio: A cop's brief guide for understanding simple solutions for SHTF radio communicationIntimidated and don’t know where to start with radio? This book is the perfect guide to what options you have i.e. GMRS, CB, to ham and basic communication topics.