# The White Swans of 2020

1 Opinion February 17, 2020 Project Syndicate ![Nouriel Roubini](/sites/default/files/styles/246w/public/assets/images/nroubini.jpg?itok=R6F5VNmo) By Nouriel Roubini > By next year, the US-China conflict could have escalated from a cold war to a near-hot one.

In my 2010 book, Crisis Economics, I defined financial crises not as the “black swan” events that Nassim Nicholas Taleb described in his eponymous bestseller, but as “white swans.” According to Taleb, black swans are events that emerge unpredictably, like a tornado, from a fat-tailed statistical distribution. But I argued that financial crises, at least, are more like hurricanes: they are the predictable result of built-up economic and financial vulnerabilities and policy mistakes.

There are times when we should expect the system to reach a tipping point – the “Minsky Moment” – when a boom and a bubble turn into a crash and a bust. Such events are not about the “unknown unknowns,” but rather the “known unknowns.”

Beyond the usual economic and policy risks that most financial analysts worry about, a number of potentially seismic white swans are visible on the horizon this year. Any of them could trigger severe economic, financial, political, and geopolitical disturbances unlike anything since the 2008 crisis.

Read the full [*Project Syndicate* article](https://www.project-syndicate.org/commentary/white-swan-risks-2020-by-nouriel-roubini-2020-02).

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*Nouriel Roubini is a Professor of Economics and International Business and the Robert Stansky Research Faculty Fellow.*## More from Nouriel Roubini

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