Yet regulators (such as Consob, which regulates Italy's stockmarket) and sophisticated financial institutions not only failed to spot the trouble, but also let it get worse, overseeing a spiral of debt issuance and off-balance-sheet deals that allowed Parmalat to keep up its pretence.

ECONOMIST: Parmalat

This is because the silicon in question is a spiral designed to take the place of the balance spring in mechanical watches.

ECONOMIST: A luxury watchmaker is putting silicon in its timepieces