Nobel laureate says US is ‘really exposed’ to a financial crisis

MarketsInsider/Ben Winck/10-16-2022

“It takes at least somewhat unexpected events to cause a financial crisis, or the type of run where there’s enough loss of confidence and loss of net worth to get people rushing to the exits before others get there, The ‘fear of fear itself’ or self-fulfilling prophecy kind of run.” – Douglas W. Diamond, 2022 Nobel Laureate in economic sciences

USAGOLD note: Diamond worries about the Fed kindling market chaos and the public, in turn, losing faith in the system.