Having caught the baby falling out the window, the central banking community is now looking around for someone who can take it off their hands. For them, the emergency funding of banks and other credit intermediaries is one thing, but the prospect of acting as credit intermediaries themselves for an indefinite period is daunting.

What is the Way Out? The market. You know, the place where prices are set by market makers. But there aren’t enough of those left to get liquidity restarted. Credit market dealing capital has disappeared.