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There is a second reason that the hands-off approach has been shown to be wanting. During the past few years, a significant part of liquidity and credit creation has occurred outside the banking system. Hedge funds and special conduits have been borrowing short and lending long and, as a result, have created credit and liquidity on a massive scale. As long as this liquidity creation was not affecting banks, it was not a source of concern for the central bank. However, banks were heavily implicated. Thus, the central bank was implicitly extending its liquidity insurance to institutions outside the regulatory framework. It is unreasonable for a central bank to insure activities of agents over which it has no super­vision, just as it would be unreasonable for an insurance company selling fire insurance not to check whether the insured persons take sufficient precautions against the outbreak of fire.

Nor did they anticipate that this quiet man would be able to boost his maverick image by skilfully playing on the public's distrust of the media

As Ségolène Royal says: in her "participative democracy" all citizens are experts.

Yet, one day, reality will take its revenge on reality shows.

It's not just Facebook and it's not just me. Every "social networking service" has had this problem and every user I've spoken to has been frustrated by it. I think that's why these services are so volatile: why we're so willing to flee from Friendster and into MySpace's loving arms; from MySpace to Facebook. It's socially awkward to refuse to add someone to your friends list -- but removing someone from your friend-list is practically a declaration of war. The least-awkward way to get back to a friends list with nothing but friends on it is to reboot: create a new identity on a new system and send out some invites (of course, chances are at least one of those invites will go to someone who'll groan and wonder why we're dumb enough to think that we're pals). That's why I don't worry about Facebook taking over the net.

Morning Edition, July 15, 2004 · A British street artist known as Moose creates graffiti by cleaning dirt from sidewalks and tunnels -- sometimes for money when the images are used as advertising. But some authorities call it vandalism.

Creating a wider conversation really means expanding our love. Thinking harder really means building trust. It is an economy of exchange and a performance whose purpose is to reveal something transforming. Unlike Rousseau at openDemocracy, I am not interested in generating agreement and discovering the "General Will." Rather, it is discovering the fact that we are all sharing a room together and we have to learn how to get along.

we mused over the perceived legitimacy you can create via a nice website, concluding that in effect, without a solid online presence you don’t exist in today’s media environment. You may not have a definite physical location, but not to worry, a nice website is more or less a substitute. The location is becoming more and more peripheral to the website. Not to say location isn’t important.. it is a nice feather in an organization’s online cap.

The global imbalances created by this dynamic of American borrowing and foreign lending appear stable for now, but if they slip suddenly, that could pose serious dangers for middle- and working-class Americans through soaring interest rates, a crash in the housing market, and sharply higher prices for anything no longer made domestically.

was a run on the pound sterling and he blocked the International Monetary Fund (IMF) from stabilizing the currency. With sterling on the verge of collapse, says Frankel, “Eisenhower told them, ‘We are not going to bail out the pound unless you pull out of Suez.’” Facing bankruptcy, the British withdrew. This incident, notes Frankel, “marked the end of Great Britain’s ability to conduct an independent foreign policy.”

The extent of that divide is startling and remains largely unrecognised, as does the fact that it has increased markedly in recent decades. The period from 1965 to 1990 was particularly acute - in 1960 the average GNP per capita for the richest 20% of the world's population was thirty times that of the poorest 20%. By 1995 this had widened to sixty times.

n the way that Heritage Park is a defence against disorder and crime, with its enlightened schooling rooted in the Christian ethos of love and care and helpfully protected by 33,000 volts, so Baladia represents a more aggressive response of taking the war to the enemy. Create your enemy's town, and train your troops to attack with much greater effect.