The 12 Meanest Things Nassim Taleb Has Said About Economists

Nothing here I haven't heard before. Where there is some truth, here & there, & it's somewhat amusing, it isn't likely to have much effect on anything.

...It isn't enough to exasperate others,
you've got to remember to gladden yourself. ~ Piet Hein

Taleb is a personal hero of mine. He's usually right about everything, including the economists. And you've got to admit he's funny

A prostitute who sells her body (temporarily) is vastly more honorable than someone who sells his opinion for promotion or job tenure

This one is classic, and so relevant in life and fx

Still you got to wonder at the scale and scope of economist hires by so-called institutional setups ---------------------> a measure of the confusion and the defective reasoning about "fundamentals" and the influence of same in defining market trends. At least going by this article. I am a trained economist who has indeed practiced in the corporate sphere and I am just bemused by the fact of misplaced hopes in trading insofar as "economic analysis" (wrt price) is concerned.

If economists cannot (at the pain of death) predict GDP to the the nearest mile, or population growth rates, etc is it not idiotic to think they can case out price in a similarly chaotic environment (the market)? But of course it does appear that seemingly "sophisticated" people will consult village witch doctors no doubt in their desperation to "beat" the market. what a laugh at a scandal --------> clearly akin to reading the future by the entrails of dead animals is "fundamentals."

One thing though (and pitiful as it is) most people who follow the cues of "fundamental analysis" and analysts (as opposed to rigorous economic analysis) -----------------------------------> (I would imagine) know far less about the academic precepts on which some of the declarations and assumptions (by the so-called analysts) are based. At least to the degree that would be healthy for routine application in trades. Economics is an elegant (mind blowing actually) subject to study. But it is also extremely difficult and counter intuitive in terms of gaining understanding especially for policy implications and applications.

The other hilarious side of it of course is going about threads and reading interpretations and views ----------> around releases. I knock myself silly with laughter sometimes. Of course there must be "side attractions" for those who desperately cling to and seek to justify the application of "fundamentals" in theater ----------> a) a sense (totally false) of sophistication sold by word of mouth that it is superior to other approaches in the sphere b) the easy cop outs (psychological analgesics) available to "adherents" to claim "manipulation, etc" when their gambling becomes manifest c) the chatter and camaraderie of other equally confused fellow travelers, etc very funny indeed to a trained mind (who mark you may indeed participate but with far more selective interpreting). Nice One!

Overall (and in my considered opinion) "fundamentals" is akin to reading the future by the entrails of dead animals ---------------> a practice known to have been quite popular in Great Britain (talking of which clearly the pair is rising as projected ---> ) vestiges of which no doubt still exist among the vast majority of the lower classes (which as with anywhere else make up most of the population) and as with everything else change is slow but sure --------> the future is therefore assured even for such unfortunate people.

-"You idiot, we are not firing you for losing money; we are firing you for listening to the economist."

-To succeed in economics requires absence of understanding of probability, risk, or 2nd order effects and about anything,...

-[On his greatest disappointment]: That I am unable to destroy the economics establishment, the press.

Given he opposes fundamentals evangelists, the economists, and truly dismissing what journalists have to offer he has sent any willingful commentator of news straight to RIP-TIA:
Keep slapping them Sir, they deserve it.

Now watch carefully and think twice before you type but better keep silent, silence is Gold.
Take heed as you won't oppose me on that but him.
And he has been from quant to chief currency derivatives etc. while he came on top of everyone about the crisis and now everybody use the "black swan" term he invented.

http://en.wikipedia.org/wiki/Nassim_Nicholas_Taleb

Why would anyone hold up Taleb as anything other than a vain glorious self publicist?