Dossier
Hyman Minsky
Coverage of Hyman Minsky in the Nexus archive.
- Pakistan’s quarter-century Ponzi scheme, and the exit that has no architecture
Pakistan has sustained a Ponzi finance system for 25 years by borrowing to pay interest on debt, with debt-to-GDP rising from 58% to 82% between 2012 and 2023. The scheme avoided collapse through captive lenders, inflation eroding debt value, and internal financial system transfers.