Ponzi Finance

Minsky:

"...Ponzi finance – a situation in which cash payments commitments on debt are met by increasing the amount of debt outstanding…"

Quoted by Noland who adds:

"Ponzi Finance units these days not only keep on carrying on, they tend to prosper and proliferate to the point of now being deeply embedded in Financial and Economic Structures. This has been possible specifically because of “Wall Street’s” capacity for supplying increasingly enormous quantities of finance at unusually low real and nominal interest-rates."