明斯基（Hyman Minsky）常提醒我們「穩定會孕育不穩定」。「明斯基時刻」（Minsky Moment）何時會到來？我不知道，但快了。
A perpetual motion machine is a device that can do work forever without any external energy input.
The first law of thermodynamics says that in an isolated system where no energy can be added to or escape from the system, energy is conserved. The first law dictates that no machine can produce energy from nothing, thereby making perpetual motion machines impossible.
A perpetual motion machine of the second kind has also been suggested where the machine extracts heat from an object and turns it into work. Such machines do not violate the conservation of energy but are nevertheless impossible by virtue of the second law of thermodynamics, which states that the total entropy of an object and its surroundings can never decrease.
Wait a minute! It looks like perpetual machines are after all possible when central banks' money printing machines are perpetually printing trillions of dollars out of thin air without consequences.
When stock market crashes, start the perpetual money printing machine to create new money to buy falling stocks and the market will quickly rebound. Piece of cake!
When interest rates are too high, start the perpetual money printing machine to create new money to buy bonds to drop interest rates to near-zero to stimulate lending and growth. Piece of cake!
When nobody can afford to buy the nosebleed-priced flats, start the perpetual money printing machine to create new money and lend it to Hong Kong Housing Authority who then build any number of flats we like. Piece of cake!
And so on and on …..
Any problem that can be solved by creating a few trillion out of thin air is no longer a real problem.
Spooky, too good to be true, isn't it?
Minsky constantly reminded us that stability begets instability. When will the “Minsky moment” arrive? I don’t know when, but I know it’s coming.
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