That paraphrase is mostly good. I’m trying to separate monetary phenomena, which are the main problem in recessions, from reckless debt levels, which are the main contributor to government debt crises.
Yes, my explanation is mostly compatible with yours.
I didn’t try to explain how a system becomes vulnerable. I think that happens via recency bias causing misjudgments, plus competitive pressures that Romeo mentions.
That paraphrase is mostly good. I’m trying to separate monetary phenomena, which are the main problem in recessions, from reckless debt levels, which are the main contributor to government debt crises.
Yes, my explanation is mostly compatible with yours.
I didn’t try to explain how a system becomes vulnerable. I think that happens via recency bias causing misjudgments, plus competitive pressures that Romeo mentions.