The problem is that for many large firms, systemic risk is a matter of exogenous events, sort of like comets which originate outside the normal operations of the solar system, suddenly appearing, flashing across the sky and then disappearing.

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Suddenly men were appearing to help us, and they formed a human chain around us, trying to push us forward.

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They returned to their regular jobs and told their editors about the project and suddenly A Day in the Life of Australia was appearing on covers from London, through New York to Tokyo.

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Most financial talk treats systemic risk as a matter of exogenous events, sort of like comets that originate outside the normal operations of the solar system, unpredictably appearing, flashing across the sky and then suddenly disappearing.

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