Nassim Taleb talks about the financial crisis, how we misunderstand rare events, the fragility of the banking system, the moral hazard of government bailouts, the unprecedented nature of really, really bad events, the contribution of human psychology to misinterpreting probability and the dangers of hubris. The conversation closes with a discussion of religion and probability. Taleb is the author of the books Fooled by Randomness and The Black Swan.
The Onion has this video: Prague’s Franz Kafka International Named World’s Most Alienating Airport.
The world has changed for ever. There is no such thing as a job for life and the certainties of a generation ago are simply a dream to the people at work in today’s ‘runaway world’. At least that is the story we have been told repeatedly but after a close analysis of labour markets in the UK and the US Kevin Doogan tells Laurie that is all a myth. Also, Anthony Giddens talks about how to overcome the dilemmas of climate change politics. This week’s Thinking Allowed podcast.
Frank Furedi has written this piece: After Jade, whose death will we watch next? The salacious reports of Jade Goody’s physical demise confirm that death is the new sex: a form of voyeuristic entertainment.
Libertarian John Stossel attacks The War on Drugs in this article: The War on Drugs Is Idiotic.