Several people in both Sweden and the U.S. have asked me if the bail-outs of 2008 saved us from “financial Armageddon” or “financial Götterdämmerung.”  My question: What does Armageddon look like?  Suppose there had been no bail-outs, and everything that’s happened since happened anyway.  How many pundits would claim that the world we now see around us was indeed the foretold Armageddon?  Half?