public debt

Debt Cycles Are Normal, And Normally Manageable

I came to economics more than 20 years ago as a student of Hyman P. Minsky. L. Randall (“Randy”) Ray was my actual professor, and he was a student of Minsky’s So I got an early introduction to the idea that capitalist economies evolve in ways that generate credit-fueled booms, which feed on themselves until debt loads become excessive and a financial crisis occurs.

Q4 hedge fund letters . . .

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