Toasting is the bagel equivalent of making everyone wear blindfolds and Spanx at an orgy. You may still enjoy yourself, but you’ll never really know the quality of what you just tasted.

The benefits of this flexibility were shown in the 2000-02 dotcom stockmarket crash. The losses then were $4 trillion, more than the $2 trillion global banks suffered in 2007-10. Yet there was no credit crunch. In a crisis, equity bends while debt breaks.

Wow, just wow.

Ending the debt addiction: A senseless subsidy—The Economist. Most Western economies sweeten the cost of borrowing. That is a bad idea.