Financial Times

During the upheavals of 2007-9, the chairman of the Federal Reserve had the name of a Victorian icon on the tip of his tongue: Walter Bagehot. Banker, man of letters, inventor of the Treasury bill, and author of Lombard Street, the still-canonical guide to stopping a run on the banks, Bagehot prescribed the doctrines that - decades later - inspired the radical responses to the world's worst financial crises.

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