Further as the history goes this region faced invaders' cruelty and calamity and the institutional system faced greatest blows.

Many thrifts, subject to an inadvisable interest-rate ceiling imposed by Congress decades ago, faced calamity as deposits were withdrawn, lured by the far higher yields available on money market funds.

One farm worker, who said she earned $150 for working eight hours a day, seven days a week, told of having faced financial calamity because her job did not provide health insurance when she had to have her gall bladder removed, an operation that cost $14,000.

As the Recording Industry Association of America and the Bush administration see it, the situation is easily defined: record companies face calamity in Brazil because Brazil's government isn't doing enough to protect copyrights.

In spite of worsening health, Witte remained active into World War I, desperately urging Russia not to enter the conflict, warning that Europe faced calamity if Russia became involved.

Even as the world faces incalculable calamity in Asia and as Al Qaeda has struck in Riyadh, it seems that the more Saudi Arabia cooperates resolutely in the fight against terrorism, the less appreciation it gets.

Business leaders, chief executives, politicians - anyone facing calamity in their working lives - could do worse than look north to study Sir Alex Ferguson's behaviour in a crisis.

The eurozone faces calamity.

"It is possible that we face unavoidable calamity," he still fears; "but it's also possible that we'll see remarkable change," he now hopes.

Three of those dates have come and gone and we haven't faced financial calamity.