Further reading (and a Bank Holiday PSA) FT Alphaville is taking the UK August Bank Holiday off - posting will be light to non-existent on Monday 26 August. See you on Tuesday! Kevin, meet Keynes. Why banks do matter for macro. Who'd be the best Fed crisis manager - Summers, Yellen, or neither? Europe post-crisis: "the same skewed mix of centripetal and centrifugal logic" Debating austerity without considering monetary policy? Nil points. Microsoft: "sort of like the post-Diocletian Roman Empire" "Lending out reserves" - the idea that won't die.