It's not the trigger, it's the instability...

It's not the trigger, it's the instability...

… [T]he trigger for a crisis could be anything if the system as a whole is unstable.
Moreover, the size of the trigger event need not bear any relation to the systemic outcome.
The lesson is that policymakers should be focused less on identifying potential
triggers than on identifying signs of potential instability.
— William White, former Chief Economist of Bank for International Settlements
Hayek on creating an "Other" to rally against...

Hayek on creating an "Other" to rally against...

Tuesday Afternoon at The Biltmore

Tuesday Afternoon at The Biltmore