Just as we were about to address the meaning and significance of Hyman Minsky’s financial instability hypothesis, Professor Rogoff has resuscitated the phrase “Minsky moment” for us at Davos. Hyman Minsky was a Keynesian economist (cf. his homonymous book on Keynes) whom I championed at Cambridge University in the late 1990s to highlight the elephantine stupidity of the members of the Faculty of Economics there who were entirely oblivious of the impending doom of capitalist society. That doom or demise, of course, were only delayed by the providential intervention of the Chinese Dictatorship, which allowed Western capitalists to double the global working class over the next 30 years in what Ben Bernanke styled as “the Great Moderation”. But all good things come to an end - and the great moderation is growing more immoderate by the hour! We shall explain why in the next intervention. Meanwhile, enjoy reading this report from Davos by Mr. Evans-Pritchard at The Daily Telegraph. Cheers.