Nassim Taleb: Debt Spreading "Like Cancer"

Nassim Taleb told CNBC today that "we had less debt cumulatively (two years ago) and more people employed. Today, we have more risk in the system, and a smaller tax base." He also said that "bank balance sheets are just as bad as they were" when the financial crisis began, and "the quality of the risks hasn't improved."

According to Taleb, the catalyst for the crisis wasn't the recession, but debt, which he says spread "like a cancer." According to the article, some analysts are warning of the possibility that austerity programs could spread from the euro zone to the U.S.