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“Over the years, Minsky argued, because the balance breeds complacency, economies float of hedge for the Ponzi money, performing a personal-reinforcing growth determined from the optimism and simple borrowing. Eventually, a shock—often minor—reveals dollars-flow shortfalls, pushing resource sales and you may deleveraging. It sudden reversal, the brand new “Minsky moment,” as the Paul McCulley coined they in the 1998.