Dear neo-Keynesians IV: Are taxes rising or falling if workers, savers and investors are exposed to inflationary capital confiscation?

Ponzi finance units must increase its outstanding debt
in order to meet its financial obligations.

A transition occurs over the course of an expansion,
as increasingly risky positions are validated by the booming economy,
that renders the built in margins of error superfluous,
encouraging adoption of riskier positions.

Eventually, either financing costs rise
or income comes in below expectations,
leading to defaults on payment commitments.

Hyman Minsky