A sample of statements made at the 2013 meeting of the world leaders in Davos (as reported by Felix Salmon): “[We have] removed the tail risk from the euro” Mario Draghi (European Central Bank) ‘There is no tail risk anymore’ Oli Rehn (European Commission) “In Europe, the tail risk has been moved off the table” Zhu Min (IMF) …….. …….. “[R]andomness in the Black Swan domain [fat tails] is intractable…The limit is mathematical, period, and there is no way around it on this planet. What is nonmeasurable and nonpredictable will remain nonmeasurable and nonpredictable…” (Nassim Taleb, Antigragility, p. 138) “While in the past people of rank or status were those and only those who took risks, who had the downside for their actions, and heroes were those who did so for the sake of others, today the exact reverse is taking place. We are witnessing the rise of a new class of inverse heroes, that is, bureaucrats, bankers, Davos-attending members of the I.A.N.D. (International Association of Name Droppers), and academics with too much power and no real downside and/or accountability” (Nassim Taleb, Antigragility, p. 6)
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