moment type collapse action if so tell us what a minsky moment is well it's actually a moment doesn't diminish. this is the minsky millennium because this process began with the debt bubble that took fifty or sixty years to build up in america and will take something like about ten at least ten to fifteen maybe twenty years to unwind if we go through the same sort of in one policy is the politicians a cowardly following by you know following the advice of the morons whose theories i write this book about me across it look on them it's so it's a it's a permanent shock in the minsky moment comes out of saying that they can be a period of extreme rational exuberance providing through the economy what minsky calls euphoric expectations leading capitalists in general but in particular a ponzi scheme is punch emotions people who make money by gambling on rising us a process to take out more and more debt and get to the stage with such a level of debt laden on society that no one wants to take anymore at one point and when the debt stops growing you go from a period of growing debt boosting

diminish the jostling is more this is more like because of the minsky millennium because this process began with the debt bubble that took fifty or sixty years to build up in america and will take something like about ten at least ten to fifteen maybe twenty years to unwind if we go through the same sort of in nine policies that publications are currently following by you know following the dos of the morons who is the reason i wrote this book about neo classical economists so it's a it's a permanent shock and the moment comes out of saying that they can be a period of extreme rational exuberance providing through the economy what minsky calls euphoric expectations leading capitalists in general but in particular ponzi scheme. as punji merchants people who make money by gambling on rising asset process can take out more and more debt and get to the stage with a such a level of debt laden on society that no one wants to take anymore at one point and when the debt structure growing you go from a period of growing debt boosting demand to reducing debt cutting demand and that period of da

extreme volatility has returned again to the sovereign debt and equity markets is this a classic minsky moment type collapse action if so tell us what of linsky moment is well it's actually a mystery moment doesn't diminish the jostling is more this is more luck is the mystery millennium because this process began with the debt bubble that took fifty or sixty years to build up in america and will take something like about ten at least ten to fifteen maybe twenty years to unwind if we go through the same sort of in nine policies that politicians currently following by you know following the dos of the morons whose theories i write this book about me across the look on the mists so it's a it's a permanent shock and that the minsky moment comes down to saying that they can do a period of extreme rational exuberance providing through the economy what minsky calls euphoric expectations leading capitalists in general but in particular ponzi scheme is punching merchants people who make money by gambling on rising asset process to take out more and more debt and get to the size of the such a le

demand to reducing debt cutting demand and that period of the leverage ing is the beginning of a minsky moment because we've got such a huge level of private debt run up in this speculative bubble in america particularly in the last. what he is with us is really going back sixty years it could take one or two decades for that level of debt to be driven down so it's not them in scheme of it it's a miniscule any i'm right and basically what we're seeing now is the revelation that this debt fueled so-called growth is nothing more than an enormous ponzi scheme now steve king and i'm going to be in ireland next month at the tail comics best of all and i'm sharing the stage with jeffrey sachs was the only fun who's got to be considered a classic economist from academia somebody who in your book i'm sure would qualify someone to deep bunk what should i bring to the stage when i'm on stage jeffrey sachs your thoughts what you could ask him is what is the what does he think about what happened in russia because jeffrey sachs was a major proponent of what i call the shock therapy approach for rus

condoled berger who wrote probably the best history of bust you've got a you can interpret keynes in minsky this way always they say when things begin to unravel there comes a point where you have to say you have to throw debt overwhelming force to stop the bleeding now what's happened in europe and i think the two other gentlemen agree with this is they just drag this on and on for structural reasons for. you to use structural reasons but also because they just didn't want to face the facts and also i think it was alexander who said the private lenders have to take a hit when they've been trying to avoid that obviously in france and other places they have not gotten their private lenders to take it now we face this in the u.s. as you all know under the bush administration with paulson and geithner and so forth and we had our tarp we had our f.b.i. see guaranteeing all kinds of debt we had our federal reserve dramatically expanding its balance sheet now that stopped the crisis i don't think it was implemented and all that well because it did not get the banks lending again it did not change