Eventually we will reach The Great Reset, and it won’t just be another recession or even a depression. It will be a true, world-shaking, generational crisis

Humans have an amazing ability to postpone the inevitable and—when the subject is debt—a financial incentive to do so. That’s true for both borrowers and lenders.

Hyman Minsky showed how stability leads to instability. Humans have a way of reinterpreting stable periods that seemingly redefines words like reasonable, manageable, and prudent. That’s why we continue chasing yield and risk until we go too far.

John Mauldin 10 January 2020

Minsky