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Stay away from property, credit crunch guru tells investors

19 May 2010
Written by rosalind renshaw

The American who forecast the global credit crunch, Black Swan author Nassim Taleb, says people should not invest speculatively in property.

He also suggests that investors ditch their shares and go instead for hard assets such as metal and land – but agricultural land, rather than speculative real estate.

In an interview with Bloomberg, he says that the world debt problem is worse now than at the worst of the financial meltdown, and that government bailouts have created a “moral hazard”.

He also says countries have failed to learn the lessons of the banking crisis.

He warned that the US economy could go the same way as Greece’s and said that people could one day wake up to abrupt hyper-inflation.

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