Taleb says crisis 'vastly worse' than the 1930s

I am happy to find some backing in Nassim Nicholas Taleb for the post I made already 5 months ago about the current crisis, that I dub The Greater Depression. Don't be fooled by the rebound in the markets and the positive and highly optimistic reports in all the media. The truth is: nothing is improving, and quite the opposite. The imbalances and malinvestments that we are currently facing have been building up for more than 10 years, and all the steps the governments and central banks are taking are doing nothing more but delaying and aggravating the consequences...

(Bloomberg) -- The current global crisis is “vastly worse” than the 1930s because financial systems and economies worldwide have become more interdependent, “Black Swan” author Nassim Nicholas Taleb said.

“This is the most difficult period of humanity that we’re going through today because governments have no control,” Taleb, 49, told a conference in Singapore today. “Navigating the world is much harder than in the 1930s.”

[Update] I forgot to mention that I loved the Black Swan and Fooled by Randomness, two absolute must-reads from Nassim Nicholas Taleb.