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The Obama administration's attempts to fight the financial crisis with more cash is like treating a bad tooth with Novocain instead of a root canal, Nassim Taleb, author of "The Black Swan," told CNBC Wednesday.
The main problem is the level of debt, and Taleb compared the authorities' efforts with those of a not very skilled pilot who is trying to land a Concorde on a narrow strip, between an ocean of deflation and a mountain of hyperinflation.
"These people failed us, they're going to fail us again," Taleb told "Squawk Box."
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"The way to restart everything is restructuring, conversion of debt into equity, convince people that debt is not good," Taleb said.
"Do not delay a root canal," he added. "Don't do piecemeal solutions to a problem that is fundamental."
"The solution is there, convert debt to equity. Usually it happens with Chapter 11, let's do it faster, and across the board," Taleb said.
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