The bedrock of any transaction is faith. When faith in a trading partner collapses, the repercussions are swift and severe – just ask Bear Stearns.

Faith in markets themselves is now under strain. In the US, there are calls for the authorities – already under scrutiny for their role in the rescue of Bear – to intervene further to save the economy. Across much of Asia, governments are imposing price caps and trade bans in efforts to contain surging food prices. In the UK, there is talk of capping rising gas bills for poor families.