A complete metamorphosis of risk

Noland:

"I have written extensively in the past on the idea of The Moneyness of Credit. Well, it is “big government” and the corollary Derivatives Bubble that continue to transform endless increasingly risky (“Ponzi Finance”) loans into money-like instruments relishing in virtually insatiable demand. What this entails is nothing short of a complete metamorphosis of risk. Not only does the moneyness nature of current Debt Structures exacerbate debt expansion and the Availability of Credit generally, it greatly distorts risk-taking, the nature of risk, the dispersion of risk, and asset pricing throughout the system."