Black Swans & Black lists

The David McWilliams Podcast

David McWilliams

News & Politics

4.6 • 643 Ratings

🗓️ 7 July 2020

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week we explore black swans and black lists. First, we explain why the economy behaves more like a complex adaptive system rather than a giant machine. This means we, in the West are exposed to “black swan” events which disrupt the economy. From black swans we move on black lists and black lives with Trinidadian economist Marla Dukharan talking about EU racism, neo-colonialism, bullying and double standards when dealing with small, largely non-white countries.

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Transcript

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0:00.0	How did the dog sneak out?
0:02.0	When did that parcel vanish?
0:04.0	Who was outside last night?
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0:23.3	Save 20% on selected products with the code Arlo 20 at Arlo.com.
0:28.9	Conditions apply.
0:33.8	What in the world is happening on Wall Street?
0:36.1	Economic indicators. Who knows where this is going on Wall Street? Economic indicators.
0:37.7	Who knows where this is going to end up?
0:39.7	To understand the economy, you have to understand human nature.
0:45.9	This podcast is powered by ACAST.
0:52.1	How are you doing there? It's David.
0:53.7	It's podcast time. You know, the drill. We're trying to make the economy that a little bit more comprehensible, that a little bit more accessible, that a little bit more meaningful for all of our lives. Now, the last three months have been extraordinary. Nobody, and I mean nobody, forecast the pandemic and what it
1:14.1	has done to us, to our lives, to the economy. Later on, we're going to be talking about these
1:18.3	Black Swan events, how they change the world, how they add complexity to the world, and how they
1:24.1	are something that we just have to kind of deal with. But this is a massive Black Swan event.
1:29.7	A Black Swan event is an event with low probability,
1:32.6	or extremely low probability, but extremely high impact.
	...

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