Calm markets quietly sow the seeds of the next crash

Economist Hyman Minsky argued that long stretches of stability make investors complacent, pushing them into riskier debt until the financial system turns fragile. A 'Minsky moment' is the sudden point when overleveraged investors are forced to sell at once, crashing asset prices. The theory drew renewed attention after the 2008 financial crisis seemed to confirm it.

— Hyman Minsky, Stabilizing an Unstable Economy — 1986 book; Financial Instability Hypothesis
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