Posted To Mish Shedlock’s Blog 02/25/2023

You’re right there’s no actual pattern there at all…because:

1) the point of speculation is purely monetary and financial, and

2) as Steve Keen has shown Minsky’s financial instability hypothesis is true, and

3) so its a chaotic system

Of course lots of speculators are habitual gamblers so its fun for them, but when the system is unstable as it truly is, economic punditry on the right that affirms the orthodoxies of the current paradigm of Debt Only like austerity and the quantity theory of money, or gets lost in well intentioned but no less unresolving punditry on the left like envy ridden taxation and generalized negativity…aren’t up to finding a better and more rational and stable system.

Paradigmatic analysis and mental breakthrough is required at this point, but no one has the guts, the good sense or has developed the mental tools for looking at the system from that level.


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