The Collapse of Utopian Economics: Crisis Mechanisms and the Illusion of Stability

This text provides a profound analysis of the evolution of contemporary financial crises, moving away from the traditional perception of bank runs toward their digital and rapid manifestation in the shadow banking sector. The author deconstructs the illusion of stability based on mathematical risk models such as Value at Risk, demonstrating their vulnerability to "fat tail" phenomena. The article explores the mechanisms of repo markets, the pathologies of rating agencies, and Minsky's financial instability hypothesis. It demonstrates how information asymmetry and the pursuit of yield led to systemic deleveraging and liquidity loss. This is crucial reading for understanding why utopian assumptions of self-regulating markets failed in the face of the complexities of CDOs and Ponzi schemes.