Whom do you pass in beauty? Go down, and be laid with the uncircumcised.

Whom dost thou pass in beauty? go down, and be thou laid with the uncircumcised.

The credit crisis exposed the flimsy foundations of the sustained growth that the US and Europe enjoyed during the past four to five years. While many had noted the extraordinary wealth transfer to oil producing states and China, the implications of this were not fully appreciated.

Nemat Shafik, a deputy governor of the Bank of England, tried to position herself between these opposing positions. She proposed relying on three lines of defense against financial instability.