Noland:
"It is a key premise of Minskian analysis that inflationary booms come to their demise when progressively more unstable Debt Structures eventually run headlong into surging interest rates (determined by the interplay of rising demand for Credit against a limited supply of finance) and attendant marketplace uncertainty and risk aversion. These days, however, borrowing costs are determined much more by Federal Reserve and global central bank policies than by the supply and demand for finance, while marketplace uncertainty is ameliorated by expectations that policymakers will respond immediately to mollify market tumult and economic shocks."
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