is at another minsky moment. explain. guest: he was an economist that had a theory that explains we would have these crises regularly because people forget about the last one and corporations take on too much debt. it looks like they are fine because they are doing great help and then something happens in the world, and then they are not having profits that they had come and it is difficult to keep up with their debt. they start cutting back. they have to sell things. it causes the price of those things to go down. other people sell. selling begets selling. that is when you have a financial crisis. when the herd behaves in a certain way, when things turn bad, the herd will be selling. host: could it happen again? the question is how frequent and how severe these booms and busts will be. since 2008, we have done some things to reduce the crisis like the last one from but in continuing to embrace our more ruthless and unregulated and unfair model of capitalism, we have left most of the big things unchanged. guest: we have a

it was not what i mean to suggest is closer to the minsky moment.s a trade war chinese economy, and how chemchina help sustain and counter the trade war? is monetary policy possible? >> i don't think so. havee say that we need to calculation. the use from a mathematical model to tackle it, the impact of a trade war on the chinese economy. we are analyzing [indiscernible] large, and china's exports to u.s. actually is $500 billion u.s., so it is not [indiscernible] it is a small impact. however recently we observed two things. one is the confidence. nervousay become because nobody really knows. war,nly there is a trade mindhey may change their in terms of stark market investment -- stock market there ist, and then consideration for how to deal with currency portfolios, so things i think actually is much bigger than the real impact in the economy. another is in addition to the trade war, what we see is the u.s. against some economies, especially those like emerging turkey, ifgentina, they have currency depreciation, so you can make people nervous. hop

he previously taught at the paul minsky school of studies at john hopkins as well as the george mason university goal of public policy. is a researcher at the rand corporation, deputy director of the state department's policy planning staff and in addition to his latest book which we've invited him to address tonight, he is the author of political order and political delay, the origins of political order, perhaps his most famous the end of history and the lack of man, trust and america at the crossroads. he's a council member of the international forum for democratic studies, a fellow of the world academy for arts and sciences and advisory council member of the democracy fund and an alumni of harvard university where he will soon receive a phd. after his talk, responding will be ryan streeter. ryan is director of economic policy api, previously serving as executive director of the center for politics and government at ut dawson as well as serving as special assistant to the president for policy of president george w. bush and a policy advisor for mayor stephen goldsmith in indianapoli