For Mervyn King, governor of the Bank of England, the month of September proved the validity of the old saying, “pride comes before a fall”. Rarely has someone’s reputation fallen so quickly from so high. And Mr King’s greatest misjudgment – a censorious letter to members of the UK parliament that the Bank’s subsequent actions appeared to contradict – was unnecessary and served only to undermine his credibility.

Mr King still retains armies of fans who respect his intellect, wit, probity and clear determination to act as a servant of the UK people. But in taking on Britain’s banks during the credit squeeze, he blinked before they did.