ClaimsNassim Taleb

“I have already argued against what I call unfettered globalization in The Black Swan, saying it is going to cause big systemic effects: particularly that these are driven by governments themselves who prop up large companies.”

Nassim Taleb, interviewee 10 July 2017 Nassim Nicholas Taleb on Work, Slavery, the Minority Rule, and Skin in the Game (EconTalk) archived copy

Factual Economics and markets

Taleb argued in The Black Swan against unfettered globalization, saying it would cause big systemic effects driven by governments propping up large companies.

Unresolvable The public record could not settle it.

Factual: Statements about the present or the past, checked against the record: did they hold up?

What would count as true or false

True if the text of The Black Swan (2007, or the 2010 second edition published before July 2017) argues against globalization or a highly interconnected global system because it would cause large systemic effects or failures, and links this to governments propping up or protecting large companies (such as banks). Mostly true if the book clearly warns that globalization and interconnection create systemic fragility, but the link to government support for large firms is only implied or appears in a different section or the 2010 postscript. Mixed if the book warns about globalization and systemic risk but does not discuss governments propping up large companies, or does so only in a separate context. Mostly false if the book only touches on globalization in passing without arguing against it as a source of systemic effects. False if the book contains no such argument.

Set before the research began.

Evidence (4)

  1. E1 Nassim Nicholas Taleb: The Black Swan fooledbyrandomness.com (Taleb's own site) · 5 October 2008 Own record

    “Globalization creates interlocking fragility, while reducing volatility and giving the appearance of stability. In other words it creates devastating Black Swans. We have never lived before under the threat of a global collapse.”
  2. E2 Nassim Nicholas Taleb: The Black Swan fooledbyrandomness.com (Taleb's own site) · 5 October 2008 Own record

    “The government-sponsored institution Fannie Mae, when I look at its risks, seems to be sitting on a barrel of dynamite, vulnerable to the slightest hiccup. But not to worry: their large staff of scientists deemed these events "unlikely".”
  3. E3 Secret of the Black Swan - how a trader forecast the crash and cashed in Evening Standard (standard.co.uk) · 11 April 2012

    “He warned specifically of the dangers from mortgage finance giants Freddie Mac and Fannie Mae.”
  4. E4 The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb afuzzyrants (WordPress blog) · 8 May 2020

    “What is fragile should break early, while it’s still small. Nothing should ever become too big to fail.”

Reasoning

The independent evidence shows only that Taleb warned about Fannie Mae and Freddie Mac [E3] and that the book says nothing should become too big to fail [E4]; neither shows the book arguing against globalization as a source of systemic effects. The only globalization passage is on Taleb's own site [E1], and its quote does not establish that it is the book's text.

Cite this claim

Nassim Taleb, “Taleb argued in The Black Swan against unfettered globalization, saying it would cause big systemic effects driven by governments propping up large companies.” (said 10 July 2017). Verdict: unresolvable. Reliability API, claim c_610de397b84f, method 0.1.0+28da144b, dataset release v1.1.2. https://epistacklabs.com/claims/c_610de397b84f

This claim is in dataset release v1.1.2, with the same verdict.

Reply to this claim

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More factual claims by Nassim Taleb

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    Taleb's point was that bike lanes improve well-being and happiness without generating economic growth.

  2. Resolved true Factual 22 September 2025
    “The entire article misses the point that Spitz has been bullish past 3 years.”

    Spitz has been bullish on markets for the past 3 years.

  3. Mixed Factual 2023
    “It is worth noting that binary options on financial”

    Binary options on financial instruments proved of little economic value and are not considered an investment in the U.S. and the European Union.

  4. Mostly true Factual 2023
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    Binary options are banned by most corresponding regulators in the U.S. and the European Union because they are considered gambling devices.

  5. Mostly false Factual November 2021
    “We know that economic forecasts work no better than astrology”

    Economic forecasts work no better than astrology.

All of them

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