Fed asset purchases and Hyman Minsky's two price system

Earlier this morning I tweeted an old blog post I wrote two years ago because I think it's relevant to what's happening in the economy right now. And so, I want to use this post to explain what that old post was about, and how that old post relates to today.

Before I get into the meat of this, though, let me point out that this newsletter is hosted at th…

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