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“... spreads (increments over Libor) they offered. Two experienced industry observers, Mark Adelson and David Jacob, suggest that a fatal point was reached when CDOs became almost the only purchasers of the riskier tranches of mortgage-backed securities. Previously, those tranches had either been guaranteed against default by specialist insurers, or bought by canny ...”

“... but it’s still the case that the costing of the proposals looks shaky. It didn’t help that David Cameron got his Boden knickers in a twist about whether or not the Tories are going to subsidise marriage through the tax system. The sight of the Tories beginning to flounder in this area prompts a dark thought. I’ve argued that economic constraints are ...”

“... the crash that really did take the entire global financial system to the brink, the implosion of Lehman Brothers on 15 September. Because Lehmans was a clearing house and repository for many thousands of financial instruments from around the system, suddenly nobody knew who owed what to whom, who was exposed to what risk, and therefore which institutions ...”

“... herself or themselves Satoshi Nakamoto. Note the date: this was shortly after the collapse of Lehman Brothers on 15 September, and the near death of the global financial system. Just as the Civil War was the prompt for the United States to end private money, and the crisis of Kenyan democracy led to the explosive growth of M-Pesa, the global financial ...”