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There is little disagreement that the immediate response to the 2008 financial crisis averted another Great Depression. But whether the safeguards in place today are enough to prevent a similar large-scale disaster remains an open question.

SANTA BARBARA – Just over a decade ago, on August 9, 2007, the French bank BNP Paribas limited investors’ access to three of its money market funds, worth a total of around $2.2 billion. The BNP freeze was unprecedented, but it received little attention outside the financial world at the time.