America in a minsky moment with COVID-19

As the old saying goes, now we’re in it. With the collapse of all life the way it used to be, we are now in a Minsky Moment. This was defined by the economist Hyman Minsky as prolonged good times lead to the inherent instability of markets brought about by an economic growth cycle that ultimately collapses.

Of course the Corona Virus was the catalyst that triggered the collapse of the Tower of Babel, but if it wasn’t that some other trigger was waiting out there. The long economic expansion from the 2008 crisis set us up for the next one and all of us were complicit in the charade.

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