Villains of the credit crunch can pass the buck and party on

The great and the good of capitalism and free markets held a requiem dinner for the global financial system at a secret hideaway this week. As the waiter decanted a fresh bottle of 1985 Chateau Margaux, the blame game began.

"I blame the central banks," growled the bond trader, stabbing the air with a forkful of raw steak. "If Alan Greenspan hadn't kept interest rates so low at the start of this decade, we wouldn't be in this mess. Talk about refilling the punch bowl when the party guests are already as drunk as skunks!"

"We told you we were not in the business of identifying bubbles, let alone trying to puncture them," replied the central banker, nibbling at a lettuce leaf. "We warned you that credit spreads, emerging-market yields and volatility in stocks and bonds were all too low, and that you were under-pricing risk."