Hegel explicado a especuladores

PM: Not exactly, though I’ve known bond traders with the proclivity. The essence of Minsky’s FIH is that stability is destabilizing because capitalists have a herding tendency to extrapolate stability into infinity, putting in place ever-more risky debt structures that undermine stability.

BB: Ah, kinda like the theory of that Hegel chap your friend Peter Bernstein writes about sometimes, who argued that a thesis runs into an antithesis which begets a synthesis.

PM: I suppose you can think of it that way, though Peter is better at weaving the story in those terms than I am. The thesis of Minsky’s FIH is the presumption of indefinite, if not infinite stability, while the antithesis is the ever-greater leverage that capitalists assume on the basis of the thesis, which ultimately begets the synthesis called the Minsky Moment.
BB: So that’s what happened to the housing market, you say? People bet that prices would stably rise forever and financed that bet with excessive debt?

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