What bulls stock prices also amplifies fragilities in the financial markets.

Central banks permanently create new money to prevent defaults when they bear the credit risk of commercial securities.

Technically, all economic and financial crises are avoidable.

At the zero lower bound, a lower inflation rate pulls the real interest rate down and, thus, further suffocates the demand.

In the absence of the tools constraining leverage, the US economy is constantly speeding up.

The euro is a shield for disciplined, low‑inflation economies and a straitjacket for high‑inflation, unionized economies.

satisfactorily alleviate the need for safe assets.

The 2008 financial crisis has been characterized with subprime mortgages. The current phenomenon is zombie borrowing.

The 'too big to fail' problem evolves to 'too interconnected to fail' through shadow banking.

Insolvency is the destiny of the financial system in every dramatic economic downturn.