We have not seen anything like it in living memory
not even Suez, the Russian invasion of Hungary, the Vietnam
war, the seventies oil crises, the stock market crash of 1987
or the dotcom bust of the early 21st century seem to equal
The roll call of the great financial institutions brought
low is extraordinary. The nationalisation of Northern Rock now
seems little more than a warning of things to come. Bear
Stearns, Lehman Brothers, Washington Mutual, HBOS, Royal Bank
of Scotland, Bradford and Bingley, Landsbanki and Kaupthing are
all now members of the financial hall of shame. But they are
far from alone.
At the time of writing, Libor rates are creeping steadily
downwards and world stock markets seem to be edging upwards.
But what happened to the regulatory system that was meant to
prevent things like this? And what do we do to ensure it