Crash Course on Hyman Minsky, L. Randall Wray

The transcript discusses the evolution of the financial system from a stable post-war period to a fragile structure as predicted by economist Hyman Minsky. Minsky foresaw that stability would lead to risky financial innovations, increasing private sector debt, and eventual financial crises. Despite government and Federal Reserve interventions, these crises became more frequent and severe over time. The transcript highlights Minsky's accurate predictions and the concept of a 'Minsky moment,' emphasizing that the current financial crisis roots back to the 1950s, not the early 2000s.

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