https://pjmedia.com/richardfernandez/2009/03/09/eve-of-destruction-2/feed/PJ Media is a leading news site covering culture, politics, faith, homeland security, and more. Our reporters and columnists provide original, in-depth analysis from a variety of perspectives.en-usFri, 12 Jun 2026 15:03:45 -0400<![CDATA[How much of the risk to the financial system came from well-regulated Europe? Not intentionally, but lurking within the hidden parts of the system, from interactions that nobody understood. Brad Setser from the Council of Foreign Relations describes a shadow financial system domiciled in London, a shadow system which posed hidden risks which are only now fully coming to light.]]>Mon, 09 Mar 2009 19:35:57 -0400<![CDATA[Richard Fernandez]]>https://pjmedia.com/richard-fernandez/2009/03/09/eve-of-destruction-2-n187445