The Volcker moment is actually the austerity policy adopted by the United States in the face of stagflation in the 197s, raising interest rates and reducing currency issuance. On the contrary, Minsky's moment is constantly loose, there is no way to quit the stimulus plan, leverage is rising, and finally-bubble fireworks.

The causes of stagflation in the 197s in the United States included the Middle East War, Watergate Incident, over-stimulus, crude oil crisis, etc. Volcker was also the most hawkish chairman of the Federal Reserve. From 1979 to 1987, whether it was Carter economics or Reagan economics, the core was Volcker's austerity. It can also be understood as breaking up the bubble and then reshaping the economy (collapse therapy).

choose Volcker's way to solve the problem

if you choose Volcker's way to solve the problem, then you should consider the way to deal with the debts in the financial system. The United States and Japan are just two ways. The United States did not have the phenomenon of being too big to fail in 198, but Japan did not resolutely deal with financial debts in 199. Real estate is a good collateral, which is deeply loved by financial institutions all over the world.