I have permission to *judiciously* use material from my friends at GaveKal when I see something I find compelling. They charge a lot and it is not fair to use their daily work. But this is interesting. "Please find the latest edition of our Five Corners Global, where Anatole looks at possible policy responses to the recent stock market sell-off. Anatole and Francois-Xavier also review different scenarios for the unlikely event of a Euro break-up. Louis tries to stave off some of the recent gloom by highlighting some positive news on the US banking side. Meanwhile, Will Denyer argues that EMU banks may be reasonably prepared for a potential US$ liquidity squeeze and Charles reviews one of hedges we proposed earlier this year."