Submitted by Taps Coogan on the 4th of October 2019 to The Sounding Line.
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Legendary trader, risk analyst, and author, Nassim Taleb, recently spoke with Swedish economic news outlet EFN about what it takes to create a financial system that is more resilient to shocks and ‘black swan’ events. As he often does, Mr. Taleb advocates for creating systems where decision makers and participants have ‘skin in the game.’
Mr. Taleb’s discussion doesn’t lend itself particularly well to the excerpts that I normally provide, so I encourage you to listen to the interview above. Enjoy.
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Skin in the game has to do with accountability. One place this is often lacking is in “Public-Private Partnerships.” We frequently hear how these things can propel needed projects forward by adding an incentive for the private sector to undertake projects they might choose not to do alone. Often this is because the numbers often simply don’t work. The truth is that history is littered with these failed projects. Often their announcements are accompanied by promises and hype but sadly the synergy these projects are intended to create never occurs. These so-called, “bridges to nowhere” and boondoggles tend to be… Read more »