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The credit crunch Saving the system Oct 9th 2008 From The Economist print edition At last a glimmer of hope, but more boldness is needed to avert a global economi c catastrophe CONFIDENCE is everything in finance. Until this week the politicians trying to tackle the credit crunch had done little to restore this essential ingredient. In America Congress dithered over the Bush administration’s $700 billion bail-out plan. In Europ e governments have casually played beggar-my-neighbour politics, with countries lau nching deposit-guarantee sc