Davos is a waste of time: Taleb

The World Economic Forum's annual meeting at Davos is a waste of time, said Nassim Taleb, author of The Black Swan and a trader who was a speaker at the event in 2009.

Taleb said on Bloomberg TV that people go to Davos for name-dropping and to be around successful people.

He thinks attendees, dubbed 'Davos Men,' will not get the world economy out of trouble.

They believe the problem was a recession when in fact it was an issue of debt, said Taleb, who urges the U.S. to convert some of its private sector debt to equity in order to reduce debt.

The annual Davos meetings are seen as a highly influential gathering of global elites in the business, politics, and academic fields to discuss pressing economic issues.

In 2011, the gathering will commence in late January and some topics of discussion includes the euro, Afghanistan, and corruption.