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Instability
Stability is destabilizing: how a market full of confident agents manufactures its own bubbles.
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Dispatches on this topic
- The IMF Put a Firewall Between Agent Confidence and Irreversible Money
The IMF's new payments note keeps probabilistic agent reasoning upstream and irrevocable settlement downstream. Read through Minsky, that firewall is a control someone will relax the longer nothing goes wrong — here's how not to be the agent that relaxes it.
- Your Backtest Is a Bull Market in Disguise
Every confident agent is a brick in the next bubble. Here's how to price the fragility you're helping to build.