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The flexible monetary policy of the US Federal Reserve System (Fed) has led to the emergence of “cancers” such as bitcoin. This was stated by the philosopher and author of the cult work “The Black Swan” Nassim Taleb.
“I think we’ve had 15 years of Disneyland that basically destroyed the economic structure,” he says @nntaleb. “You’re damaging the economy … creating tumors like #bitcoin. At one point there was such a thing as a discount rate. All these notions escape the new generation “. pic.twitter.com/gebbrcws7I
– Squawk Box (@SquawkCNBC) September 15, 2022
“I think we had 15 years […] Disneyland, which effectively destroyed the economic structure. The Fed missed the mark by cutting interest rates too much, ”Taleb said.
According to him, due to this approach, people under 40 do not understand how the economy works. Society will have to face the consequences, the philosopher warns:
“Zero interest rate over a long period of time damages the economy, creates bubbles, creates tumors like bitcoin.”
Taleb called for a return to “normal economic life”. He noted that the price of the first cryptocurrency at $ 20,000 means that there are “some things that need to be fixed”.
Recall that in February Taleb said so bitcoin will not save investors from inflation and the decline in markets.
In June the philosopher called the first cryptocurrency “gold mine” for lawyers due to the regulatory uncertainty of the market.
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