The truth is the best anti-panic agent.

Sir, Martin Wolf is correct writing that investors who are buying “bonds at current rates are indicating a deep aversion to the downside risks”, “Panic has become all too rational” June 6. 

But, how he can he ignore the fact that the officially safe havens are also being crowded by banks forced there, by regulators, because parking their liquidity elsewhere would require them to have more of the currently so scarce bank capital? 

The best way to eliminate panic is to shine light on what has caused the emergency… but seemingly some cannot find it in themselves to do so.