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The Minsky Millennium

In 2008, Hyman Minsky finally had his moment. But he was miscast as a prophet of financial collapse. The real “Minsky moment” was the bailout, not the crash.

Illustrations by Marco Miccichè

Having dreamed it so long, Marxist crisis theorists were ready for action when Lehman Brothers broke the seventh seal and the strait gate swung open. Even the chair of the Federal Reserve worried that “we may not have an economy on Monday.” The unspoken hope on the Left was that a big crisis would unmask […]

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