I remember exactly where I was on that sunny day in 2007 when it was reported that inter-bank lending had frozen. Bankers knew that their peers were bust, and could not be trusted to honour their obligations. I then naively believed that friends would get the message. I also hoped in vain that the economics profession as a whole would add its voice to those few that warned of catastrophe. Not so. Apart from readers of the Financial Times, and of course some speculators in the finance sector itself, very few seemed to notice. Fully a year later in September 2008 when Lehman Brothers imploded,