Back in the mid-1980s, to try to prevent the banking system from moving to speculative finance, Hyman Minsky formulated an economic recipe that can be summarized as ‘big government, big bank’. In his vision, government creates jobs by being the ‘employer of last resort’ and underwrites distressed financial operators’ balance sheets by being the ‘lender of last resort’.28 When the financial sector is so interconnected, it is very possible for one bank’s failure to become contagious, leading to the bankruptcy of banks all over the world. In order to avoid this ‘butterfly effect’ (as chaos theory
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