In a picture puzzle, the object is to find an object hidden among many similar objects – such as a leaf-patterned toad among fallen leaves. Depending on your visual acuity and a little luck, it may take you a few seconds to find it. But once you do, it’s impossible to unfind it.

Financial crises are much like that. In the lead-up to these crises, they are rarely anticipated – if they were, of course, they’d happen a lot sooner, or not at all. But once these crises erupt, they highlight