As you can imagine, I am really pleased that Larry Summers will be sitting at the right hand of the president (and maybe in some cases at his left hand) helping to formulate both practical policy and a coherent framework of financial statecraft to rescue democratic capitalism. For that is what is at stake in the present calamity.

Summers has been writing about the disaster long before the disaster was generally recognized in the public and by the political class. You can read his analytic narrative by going back to his columns in the Financial Times in what its editors now call "Larry's lore." Get it all online at