Minsky is a dead white guy, more or less. Yet, he cautioned that speculation runs rampant, almost by necessity. Too, that things go to Ponzi is almost inevitable.
There will be more on this, but here are a few posts.
In essence, the markets as currently designed fraud generators, by necessity (why do I keep using that?). The whole notion of best-and-brightest leads to scheming.
To wit, the recent egg-on-the-face of the MIT prof who consulted on Obama-care. In his testimony, he said that no-one had ever questioned his modeling.
Say what, professor? I am here to tell you that we can look at its basis and smell crap. Unfortunately, the lord/serf bifurcation keeps the proper discussion from occurring. As in? That we could talk without making each other sick.
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