"The missing step in the standard Keynesian theory [is] the explicit consideration of capitalist finance within a cyclical and speculative context. As recovery approaches full employment...soothsayers will proclaim that the business cycle has been banished [and] debts can be taken on. But in truth neither the boom, nor the debt deflation...and certainly not a recovery can go on forever. Each state nurtures forces that lead to its own destruction."
Hyman Minsky
"Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity."
William Butler Yeats, The Second Coming
Today was a road trip day. Bakery store, specialty shops, and a large Japanese supermarket on the Hudson (Mitsuwa).
I did not even know that the NJ crumb bun was a thing.
It's good to be home.
Have a pleasant evening.
