you don’t need retail to take systemic risk. professionals will do it, and they won’t be able to opt out and stay in business. it’s not a matter of personal character or risk attitude. that’s the lesson on Minsky. the prudent are outcompeted by the bold until oops. 1/

panic of 1819, 1837, 1857, 1873, 1893, 1901, 1907. then we get the Fed, a pause, then 1929. decentralized risk aversion, surely we’ve learned this time, has never worked. i think your relying upon it is unwise. /fin