- The gods strike back, Economist, February 11, 2010.

2. Greenspan sends a warning sign to all investors. He said that every crisis that the Fed faced in his 18 years as Fed chairman was “unpredictable.” The October 1987 crash, the 1997 Asian currency crisis, the 2001 terrorist attacks - they all were like “black swans,” to use Nassim Taleb’s term for unforeseeable events. Greenspan’s conclusion:“Because we cannot forecast these events, we must be prepared to deal with them when they occur.”

What does the Fed do to get prepared? Ben Bernanke, the current Fed chairman, has set up a “crisis center” to anticipate potential global problems, including a currency crisis, a housing collapse, another terrorist attack, or a sharp rise in inflation. The Crisis Center has been busy during the summer of 2007, dealing with the mortgage meltdown and credit crunch.

What should YOU do to get prepared? I say use protective stops to get you out in times of a stock market collapse; buy gold and silver coins for survival protection; and keep a large position in cash...If Alan Greenspan and his successor Ben Bernanke are preparing for future “black swans,” maybe you should too.

- One Word of Warning: Beware of Black Swans! WorldlyPhilosophers.com, September 30, 2007.

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