“What is a Minsky Moment, anyway?” asks Gerry Stembridge, a razor-sharp Irish comedian. “I’ve been reading about them in the papers and have often wondered”. Stembridge is putting the question to Paul McCulley, Chief Economist at Pimco, the world’s largest bond fund with over $200bn under management. Among the ten most influential economists on earth, McCulley is sporting a T-shirt and jeans.
If that’s not odd enough, the two men, Celtic comic and American financial whizz, are on stage in a theatre in Kilkenny, a bijou provincial city in South-East Ireland. It’s Saturday night and they’re facing a sell-out crowd – all of whom have paid to watch a debate on global economics and most of whom aren’t waiting until the interval to have a drink.