At play with the risk market wolves


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“We have to turn the page on the
bubble-and-bust mentality that created this mess.”

 

      
President Obama, weekly radio address, August
10, 2013.


 

The commentary is now off on its summer break. It will be
back in mid-September.

 

 

In the 1964 Sidney Lumet film ‘Fail-Safe’, a group of US nuclear
bombers is accidentally sent a “go code” ordering it to drop its payload on
Moscow. A Russian jamming device prevents the US military from contacting the
bombers until they’ve already reached the point of no return; thereafter, SAC
protocols dictate that the pilots ignore any orders received from headquarters.
The US President, played by Henry Fonda, desperately seeks some way of
resolving the impasse and avoiding an escalation into a full-blown nuclear
exchange. But how ?

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