reflecting worldwide stock market falls. In November 2007 Kaletsky acquired an even more explicit interest in the global financial crisis when GaveKal teamed up with a Texan firm "as a co-advisor of a hedge fund whose purpose is to profit from the unfolding European credit crunch".

While the Press Complaints Commission's code of practice only covers comment on specific shares in which a reporter has a significant interest, most journalists know they should either steer clear of subjects in which they have a financial stake or make clear what those interests are.

Financial commentators writing on subjects related to their 'day jobs' in the City know this too. They know their readers need to know.

Kaletsky appears to have forgotten this basic rule, a surprising oversight for a former Times economics editor and Financial Times veteran. Kaletsky did not return calls to his office.