I have been in three hurricanes and two earthquakes - but never a significant man-made disaster. Until now.

It is possible that $700bn + £500bn + other contributions of public funds + virtually free money = a crisis swiftly mastered. I doubt the 'swiftly' part but I don't know.

However, it is better than the alternative and perhaps we will now see an end to the EU Member State game of out-guaranteeing one another on retail deposits - surely in itself a source of panic.

More pertinently, the Brains Trusts at various economic research departments have been issuing Very Important Views on all these happenings. Here is a sample to mull from the Morgan Stanley team entitled "The Great Monetary Easing" issued earlier today:

I do hope they are right on the '30s view.

NB: Literary timeout: post title stolen/adapted from the Brazilian masterpiece of Joaquim Maria Machado de Assis The Posthumous Memoirs of Brás Cubas. If you are looking for great reading...

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