Have a deeper listen to Taleb’s reasoning and thanks for the link. Bookmarked.
Taleb uses “nationalizing” banks as a threat against banks who expect to be bailed out by the taxpayer.
His position is: if you, as a banker, don’t have skin in the game and are not willing to lose your fortune by betting on the wrong thing, then expect the government to come in and control your profits, operations etc. on behalf of the public’s right.
In other words, either break up your bank into smaller banks, or we will sell off your bank to other banks or pout in some government administrators. Your choice.
The whole point of his theory is no business should be “too big to fail”.
So Taleb is all about true capitalism where all investments are truly at risk.
Most new restaurants fail, but the survivors of that industry do so because they have made so many small mistakes they’ve become anti-fragile.
Forgive me, but I have studied this Taleb guy and believe he’s terrific. And I just love his irreverent taunting of academics and Alan Greenspans.
LOL, no ‘forgiveness’ needed. As predicted, I misunderstood ‘genius for failure” and am on board for not having things bailed out by the government! (A pet peeve, to say the least!)
My favorite invention of his is the term IYI - Intellectual Yet Idiot, which applies to well over 90% of insufferable, pedantic, elitist “intellectuals”.