Why the United States Will Beat China to the Next Minsky Moment
L. Randall Wray
Economics One-Pager Archive from Levy Economics Institute
The outgoing governor of the Peopleâ€™s Bank of China recently warned of a possible Chinese "Minsky moment"--Paul McCulleyâ€™s term, most recently applied to the 2007 US real estate crash that reverberated around the world as a global financial crisis. Although Western commentators have weighed in on both sides of the debate about the likelihood of Chinaâ€™s debt bubble bursting, Senior Scholar L. Randall Wray argues that too little attention is being paid to the far more probable repeat of a US Minsky moment. US prospects for growth, as well as for successfully handling the next financial meltdown, are dismal, he concludes.
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