1. NS doesn't seem to know that Minksy's financial instability hypothesis is based on quality as well as quantity of debt.
2. NS doesn't seem to realize either the difference between a currency issuer and currency users, nor does he realize how the currency issuer's debt is the inverse of currency users' debt.
Funny things. People subscribing to the "folk theory" of the business cycle, actually financial cycle, warned about financial fragility prior to the financial crisis while conventional experts in finance and economics missed it.
Dirk J Bezemer, “No One Saw This Coming”: Understanding Financial Crisis Through Accounting Models (2009)
The Folk Theory of business cycle
Noah Smith | Assistant Professor of Finance, Stony Brook University