Ponzi finance 101
Does Minsky's story neglect purely financial operations, available to any firm, such as for example selling debt high to buy it back low? Or investing debt in derivatives that hedge inflation, for another example?
Isn't irrational, emotional, panic, spreading to otherwise perfectly safe assets the real problem? I.e., prices are arbitrary and funding cost inflation is easily solved by the Fed supplying liquidity from an infinite store?
Or maybe the CCP will try to forcibly put down the Evergrande panic by banning fire sales?