“Minsky moments are triggered by excessive financial leverage, and in the context of supply chains, leverage means excessive operating leverage: in Germany, $2 trillion of value added depends on $20 billion of gas from Russia… …that’s 100-times leverage – much more than Lehman’s.”
The green transition is dead. The war in Ukraine laid that bare. This is now a multipolar world and it is run on fossil energy. Globalism is dead too and with it, affluence.