"Given the scale of the global credit card networks, it is almost impossible to detect every kind of attack, " he said.

WSJ: Global network of hackers steal $45m from ATMs

For that to happen the big retail chains would have to start offering a sliding scale of discounts or other incentives to consumers at the cash register for using one card instead of another, or cash.

FORBES: DOJ Settlement With Visa Shifts Incentives War To Merchants

Shocks are still likely: for instance, the size of the bubble and scale of the bust may overturn historic relationships such as that between unemployment rates and credit-card losses.

ECONOMIST: Rebuilding the banks