It looks as though Credit Suisse is going to be sold off for pennies on the dollar, temporarily postponing a financial trainwreck, at least for a couple more hours or days, until the next shoe inevitably drops. The Fed doesn’t seem keen to wait. U.S. dollar swap lines are being used to “enhance liqu...

Those who do not learn from history are doomed to repeat it. (George Santayana) Santayana’s maxim is probably one of the most widely quoted criticisms by scholars and practitioners alike of public policy – especially foreign policy – when it goes awry. This is especially true when the result is disa...