John Maynard Keynes
by Hyman Minsky
He made a very important contribution to Keynesian economics. He thought that financial systems ought to be a way of transforming money, a conduit between people who had a bit of money to invest and others who needed to borrow that money. But what he pointed out was that in fact financial systems are just speculation, that some people are making huge amounts of money for themselves by speculating. So, suddenly now people are asking: Is this a Minsky moment? And I think it is.
