Daniel Stetler författaren till "Debt In The 21st Century" om hur vi befinner oss i världens största Ponzi spel.
When do you think a new “Minsky moment” can arrive?
The late economist Hyman Minsky defined three ways of borrowing: hedge borrowing where borrowers were able to pay interest and principal out of income, speculative borrowing were the borrower could pay the interest but not the principal and relied on someone paying the same price for the asset like he did and Ponzi borrowing were the borrower could not pay the principal nor the interest and hoped that he be bailed out by the next buyer. We all are in a Ponzi world right now. Hoping to be bailed out by the next person. The problem is that demographics alone have to tell us, that there are fewer people entering the scheme then leaving. More people get out than in. Which means, by definition, that the scheme is at an end. The Minsky moment is the crash. Like all crashs it is easier to explain it afterwards than to time it before. But I think it is obvious that the endgame is near.