12 October 2008 was a frantic day. It was a Sunday, and I never work Sundays (well, two financial crises, one in Zambia, one in New Zealand, in 30+ years). There was a call in the middle of our church service summoning all hands to the pump, to put in place a retail deposit guarantee scheme that day. We did it. My diary later that night records that we’d “delivered a brand spanking new not very good deposit guarantee scheme”, announced a few hours earlier. It was a joint effort of the Reserve Bank and The Treasury.
I had recently taken up a secondment at The Treasury. I’d been becoming increasingly uneasy about the New Zealand financial situation for some months (flicking through my copy of Alan Bollard’s book on the crisis I found wedged inside a copy of an email exchange he and I had had a month…
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Utopia, you are standing in it! 
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