BREAKDOWN: 'Minsky Moments' and the Financial History of Pandemics
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 19 May 2020
⏱️ 36 minutes
🧾️ Download transcript
Summary
This episode is sponsored by ErisX, The Stellar Development Foundation and Grayscale Digital Large Cap Investment Fund.
Jamie Catherwood works at O’Shaughnessy Asset Management, a quantitative long-equity investment firm. More importantly, however, he is the finance history guy on Twitter. His “Financial History: Sunday Reads” curation pieces and longer form articles on his site Investor Amnesia have become required reading for anyone who wants the historical context for current financial issues.
On this episode of The Breakdown, Jamie and NLW discuss:
- Financial lessons from previous pandemics, including the 14th century bubonic plague; an 1892 Cholera outbreak in Hamburg, Germany; and, of course, 1918
- Strange parallels between 1918’s Spanish flu and the current Coronavirus crisis, including an increase in the price of oranges
- The concept of “Minsky Moments,” a key inflection point in bubbles where over-exuberant markets become unwound extremely quickly
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Transcript
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| 1:01.7 | Welcome back to the Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond. |
| 1:09.1 | This episode is sponsored by ArisX.com, the Stellar Development Foundation, and Grayscale Digital Large Cap Fund. The Breakdown is produced and distributed by CoinDesk. |
| 1:12.4 | Here's your host, NLW. |
| 1:17.5 | Welcome back to The Breakdown. |
| 1:19.7 | It is Tuesday, May 19th, and today we have something historical and fun for you guys. |
| 1:26.1 | You may not know this, but I was a history major as an undergrad. |
| 1:29.8 | I focused on colonial and imperial history, basically. From an American perspective, from a |
| 1:35.2 | European perspective, I was always interested in the intersection of cultures, whether it was |
| 1:40.0 | positive or whether it was forced, whether it was economic driven, whether it was whatever. |
| 1:46.1 | The history of imperial and colonial expansion is the history of globalization in many ways. |
| 1:53.0 | So I spent a ton of time thinking about that, and that study has informed my perspective to this |
| 1:57.8 | day. So when I came across in mid-2018, someone on Twitter who was doing |
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