The waves conceal whales, dolphins and sea turtles, and the western beaches are covered with armies of blue-backed soldier crabs that rear up on their hind legs and flee in panic at the approach of a human foot.

BBC: The perfect trip: Queensland

This way, public money helps boost liquidity without worsening moral hazard, and private creditors cannot simply flee when panic hits.

ECONOMIST: The perils of global capital

The threat of being wiped out in bankruptcy could cause creditors to flee both the troubled firm and any firms like it, precisely the sort of panic the resolution regime is meant to avoid.

ECONOMIST: The Senate bill is finally published