The US scientist Hyman P. Minsky, who died in 1996, became known for his theses on the sudden crisis despite a booming economy. The idea: the longer the economy runs, the more likely it is that banks, companies, consumers and investors will lose their sense of risk. They change their investment strategy and plunge into ever more daring financing. The financial markets are running hot, optimistic statements are making the rounds: "There is no longer any economic cycle. Interest rates will never rise again." The end of the party is then triggered by an incidental event. In view of the high level of debt, even small price losses are forcing the first investors to sell. Banks are now beginning to reclaim their loans. The hunt for returns becomes the hunt for cash. That's the Minsky moment.