He did this after the 1987 stock crash, the Gulf War, the Mexican peso crisis, the Asian financial crises and the failure of one of the largest hedge funds.

FORBES: Why The Fed Can't Be Counted On To Save The Economy

On August 15th the Hong Kong Monetary Authority pushed interbank rates up to levels not seen since the Mexican peso crisis in 1995, to counter what it said was a speculative attack on the Hong Kong dollar.

ECONOMIST: South-East Asia��s currencies are not safe yet

Instead of the sweeping proposals that have been championed since the Mexican peso crisis of 1994, Mr Eichengreen proposes a series of reforms, at both the national and multilateral level, to deal with the most pernicious problems of global capital flows.

ECONOMIST: Rise.Fall.Rise?