Are We Talking About the Big One?

Financial doomsayers like to invoke minsky, and they sort of darkly quote that quotable quote that stability leads to instability. But as you say, there are not only tell me what kind of diability are we talking about here? Are we talking about the big one in 29 32? Or the quite big one in two thousand eight to two 11? I think the problem is, it's a bit like kissenger's observation that, you know, any solution to a diplomatic problem is an admission ticket to the next problem. It's true, but it doesn't tell you about the size of the problem. And that's really what's important. Because hen you look at the