My first thought is to note that my contribution appeared alongside a most insightful piece by Paul McCulley titled “The Shadow Banking System and Hyman Minsky’s Economic Journey.” To McCulley belongs the credit for having coined the term “shadow banking.” He was also among the minority of those who appreciated the perspective of economist Hyman Minsky, whose writings in the aftermath of the financial crisis read like those of a true prophet. During the Asian currency crisis of the late 1990s, McCulley coined another term – “Minsky moment” – to describe that crisis, because it captured many of the features about which Minsky had warned. That crisis erupted in 1997, a year after Minsky’s death. A decade would elapse before the eruption of the global financial crisis, which was perhaps the epitome of a “Minsky moment.” What McCulley called “shadow banking” Minsky called “fringe finance.”