"It's not like before" / Fooled by globalization

The big banks wanted it...the huge industrial cartels wanted it...agribusiness wanted it... all the "policy experts" pushed it...and White House criminals like Bill Clinton and George Bush railroaded it.
Who didn't want it?
Labor unions...small farmers...citizens concerned about the sovereignty of their own countries...human rights activists.
Well, we're economically "globalized" now.
And here's what one of the leading mathematicians in the world and one of the currently most successful options traders in the world has to say about the potential consequences.
Make sure you're sitting down and don't operate heavy machinery right after watching this.

Fooled by globalization
A sobering discussion on the nature of the current economic crisis and why this one may be very different from ones in the past.

The problem: globalization adds exponentially to the complexity of potential outcomes, but the banking system is not designed to absorb the kind of rapid and massive changes globalization makes possible.

These aren't two hippies railing against the system. This is one of most insightful mathematicians and one of the most accomplished options traders of our time.