Advertisement
Features

Here's what I got up to at the Kilkenomics festival

Kilkenomics is a quirky and eccentric festival in Kilkenny, Ireland, where comedy meets economics. Dominic Frisby explains how it works, and why it is so inspiring.

Kilkenny pubs
Kilkenny, with hundreds of tiny pubs, is the ideal venue for talking economics with comedians

Copyright Grant Dixon

Last weekend I attended Kilkenomics, the festival in Ireland where comedy meets economics.

I thought I'd talk about my weekend there in today's Money Morning.

Kilkenny and the Magna Carta

Kilkenny is a picturesque town in the south of Ireland, about a couple of hours' drive inland to the south-west of Dublin.

Like many a medieval town, built long before town planners and their bland uniformity took hold of architecture, it has a beautiful, yet higgledy-piggledy quality to it quirky buildings of all sorts of different shapes and sizes, painted myriad colours; back alleys and meandering side streets, many of them too narrow for modern day traffic; hundreds of tiny pubs (it was a brewing centre from the 17th century on), boutiques and shops so specialist you wonder how it is they're still in business.

Advertisement - Article continues below

At the middle of it all is a river the River Nore crossed by lots of dinky bridges, and a castle, built by the Normans who ruled here back in the Middle Ages. The castle is quite something, and I think my discovery of the weekend was that it was built by William Marshal.

Fans of my new book, Daylight Robbery, will know that William the Marshal, as he was known to his contemporaries, was "the best knight that ever lived", according to the then Archbishop of Canterbury, and the archbishop may have had a point. He was instrumental in getting Magna Carta made statute.

Advertisement
Advertisement - Article continues below

When the original document the Great Charter was brokered between King John and the rebel barons on the banks of the River Thames, neither King John nor the Barons honoured the promises they had made.

King John appealed to the Pope, who declared the charter "shameful, demeaning and unjust" and duly excommunicated the rebel barons. The barons meanwhile marched on and took London.

Advertisement - Article continues below

Several years of Barons' War followed. King John did not survive the war he was taken by dysentery. Marshal, who had served under four kings, and was still charging into battle at the age of 70, became protector to the nine-year-old Henry III. And it was because Marshal fought on the side of the crown that many rebel barons changed sides so that the royalists won.

At the ensuing Treaty of Lambeth, Marshal needed to make sure of rebel allegiance. Old as he now was, he knew his time would soon be up and he wanted peace and stability for his nine-year-old liege. The failed charter made beside the Thames two years previously was his best chance.

Ignoring criticisms that he was being too generous to the losing side, he reissued it. He himself would be one of the witnessing barons and it would be used as a basis for future government.

Advertisement - Article continues below

And so did what Lord Denning called "the greatest constitutional document of all time" Magna Carta become statute.

Getting back to the point...

Anyway, I sidetrack! Kilkenomics is the brainchild of Irish economist David McWilliams and comedy promoter Richard Cook, ably assisted by Naoise Nunn.

Like bitcoin, it was born in 2009 in reaction to the financial crisis. Comedians, dressed in suits, would grill economists, dressed in lay clothing, about what was going on. Like the town it is situated in, the idea is quirky, eccentric and it works.

Advertisement
Advertisement - Article continues below

Testament to this is the line up of great financial thinkers appearing there this year. The likes of Nobel Prize winner, Paul Krugman; Pulitzer Prize winner, Samantha Power; and 1998 Ha Bloody Ha New Act of the Year winner, Dominic Frisby.

Plus the likes of Yanis Varoufakis, Liam Halligan, Constantin Gurdgiev, Justin Wolfers and Rory Sutherland; loads of FT hacks; and some of the top Irish comedians around Alison Spittle, Karl Spain, Colm O'Regan, Aideen McQueen, Konstantin Kisin (he's not Irish) and Kevin Gildea. If you don't know them, you should check them all out.

Advertisement - Article continues below

There are talks about everything from the economics of football - an extremely articulate dismantling by David Goldblatt of how corrupt the game is to Brexit (that took up about eight panels and surprise, surprise most are against) to the plight of Venezuela.

It's very inspiring, even if the outlook was often a little negative. (That's a common failing of economists, indeed of human beings we're hardwired to worry about danger).

I loved hearing all the different ideas, expressed in a different accents from around the world (it sounds silly but it is genuinely exciting to hear so many different accents), with the different perspectives of different cultures.

There's the same buzz you get from watching Question Time when two clearly informed and articulate intellects have completely opposing ideas about something, and often you could hear the tension in the audience as they would often want to shout out and join in.

Tax, bitcoin and the Corn Laws

I did three shows there. I was interviewed by Naoise Nunn about Daylight Robbery. I was on at the same time as Ted-Talk-legend Rory Sutherland, who was talking about his book Alchemy: The Surprising Power of Ideas That Don't Make Sense; a show about the Irish property market; and a panel about dictatorships with Turkish writer and journalist Ece Temelkuran, historian Tobias Straumann, British Sudanese columnist Nesrine Malik, and journalist Simon Kuper.

Advertisement - Article continues below

I didn't expect anyone to show up to mine, so I was delighted to see the room rammed and I was even more delighted by the response when I talked about the terrible consequences of the Corn Laws to the Great Famine.

The following day I did my Financial Gameshow which was terrific fun as always. A fund manager called Seamus cracked the code on the safe to win the €300 jackpot with just a second to spare. He then put the money behind the bar and bought a round for everyone in the audience.

And, finally, late on the Saturday night I moderated a panel talking about bitcoin with the BBC's Rory Cellan-Jones, the FT's Katie Martin and Caribbean economic specialist Marla Dukharan.

"Is bitcoin just a bubble?" was the question the panel was to debate.

The first thing I asked them was "how regularly do you use bitcoin?" The answer from all three was never.

Even though Marla likes blockchain, the panel was more than a little one-sided.

I still won the debate though!

Advertisement
Advertisement

Recommended

Visit/519858/how-long-can-the-good-times-roll
Economy

How long can the good times roll?

Despite all the doom and gloom that has dominated our headlines for most of 2019, Britain and most of the rest of the developing world is currently en…
19 Dec 2019
Visit/519022/money-minute-wednesday-4-december
Economy

Money Minute Wednesday 4 December: Britain's economic sentiment and American job figures

Today's Money Minute looks ahead to the UK's latest all-sector PMI survey, and America's private payrolls report.
4 Dec 2019
Visit/economy/601346/are-we-back-on-the-road-to-serfdom
Economy

Are we back on the road to serfdom?

The coronavirus crisis has led to levels of state intervention unprecedented in peace time. The Austrian School reminds us of the challenges, say Dan …
22 May 2020
Visit/economy/601380/moneyweeks-quiz-of-the-week-16-22-may
Economy

MoneyWeek's quiz of the week, 16-22 May

Test your recollection of the events of the last seven days with MoneyWeek's quiz of the week
22 May 2020

Most Popular

Visit/investments/commodities/gold/601444/these-seven-charts-show-exactly-why-you-must-own-gold-today
Gold

These seven charts show exactly why you must own gold today

Covid-19 is accelerating many trends that were already in existence. The rising gold price is one such trend. These seven charts, says Dominic Frisby,…
3 Jun 2020
Visit/investments/stockmarkets/601460/disease-rioting-and-mass-unemployment-so-why-are-markets-soaring
Stockmarkets

Disease, rioting and mass unemployment – so why are markets soaring?

Despite some pretty strong headwinds in the last year, America’s S&P 500 stock index is close to all-time highs. John Stepek explains why markets seem…
4 Jun 2020
Visit/economy/eu-economy/601463/why-a-stronger-euro-is-good-news-for-investors
EU Economy

Why a stronger euro is good news for investors

The fragile state of the eurozone has for a long time brought the threat of deflation. But the ECB’s latest moves have dampened those fears. John Step…
5 Jun 2020