The thing about Black Swans is that they're easy to see, yet very, very hard to time. There is an asset bubble, for instance, at the moment (houses and a lot o

The thing about Black Swans is that they're easy to see, yet very, very hard to time. There is an asset bubble, for instance, at the moment (houses and a lot of other things are more expensive than justified). Gold price seems suppressed. And a government debt bubble. And a China bubble (China is exporting more than is justified by the economics, probably due to state subsidies). There was an oil price bubble, that could reflate (it would take a 5% difference in oil supply, maybe less, for the price to go back to $100 at least temporarily). Renewables could destroy the energy economy (this is happening, could accelerate. E.g. we could find a fantastic new battery principle, easy cheap large scale energy storage. The world would change to accommodate that faster than anyone can imagine). EU disintegration, and related shocks : e.g. a Deutsche Bank bankruptcy. Central banks switching tactics (either to helikopter money or the other way, interest rates back to 4%). More US states/territories cities going bankrupt. Large scale terror attacks. All of these would be large to massive financial shocks. They're also very likely all going to happen. Most of them are going to be caused by another one in that very list, like domino blocks all lined up, but currently standing up. Only one will really be set off in truly unpredictable fashion, and cause the other dominoes to topple. The question is, how to find (and time) the drop that overflows the bucket. That is not a trivial question and the answer could be that said drop won't fall for another decade (or two, why not). That's unlikely, but certainly not impossible. Whilst not many people were expecting the Brexit scenario to pass, ever since the Greek crisis (5-7 years ago now, depending on what event you think set it off) people have been worried about EU disintegration. That the EU, for various reasons, from languages, over border protections to finance habits does not have what it takes to stay together. Apparently they were right. The real fear is that it will cause bank bankruptcies. That may be underway. That may already have happened (a lot of EU banks aren't far from bankruptcy)