ing of history finds that deposit-and-lend banks have failed systemically, or needed bailouts, about once per generation since they were innovated in Marco Polo’s time. They failed because borrowers default in high winds, and defaults are magnified tenfold in effects on stockholders’ investment. We rebuilt them

of silk and tobacco and gold, or from shared religious passions. These sorts of networks, sometimes as thin as the trail of a single adventurer like Marco Polo, carried promises of prosperity (and intimations of violence) as they spread. Baron Antoin-Henry Jomini, Napoleon’s inspired tactical accomplice, was

REYKJAVIK / KEFLAVIK INTL IAD DULLES INTL EIS BEEF ISLAND, VIRGIN ISLAND (BRITISH) YUL DORVAL, MONTREAL NCE COTE D'AZUR ANC ANCHORAGE VCE MARCO POLO YYZ TORONTO, PEARSON INTERNATIONAL SAN LINDBERG FLD S.DIEGO LTN LUTON INTERNATIONAL HPN WESTCHESTER PTY PANAMA, OMAR TORRIJOS H LHR LONDO