Zelenskiy didn't win the Nobel peace prize and that's OK

This is Bloomberg Opinion Today, a robotic rotation through Bloomberg Opinion’s opinions. Sign up here. The Nobel Committee reminds the worl [Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a robotic rotation through Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - The Nobel Committee reminds the world that [civil society matters](. - Don’t be afraid of [the ghost of Lehman Brothers](. - The resilience of emerging market debt [is impressive](. - Retailers are dreaming of a [revenge Christmas](. Unhappy Birthday, Vladimir Putin This year’s Nobel Peace Prize has been awarded to Ales Bialiatski, a jailed Belarusian human rights activist, along with Memorial, a Russian human rights organization, and Ukraine’s Center for Civil Liberties. “On Vladimir Putin’s 70th birthday, it is clearly a repudiation of everything he stands for and an eloquent defense of the importance of both civil society and memory in building peace,” argues Therese Raphael. Ukrainian President Volodymyr Zelenskiy was probably in the running for the award. But although enlightened leaders are a key ingredient to preventing conflicts, [the efforts of ordinary activists]( in restoring trust in divided nations and facilitating healing by ensuring collective historical memories are essential to building peaceful democracies, Therese writes. Bialiatski has spent 30 years promoting freedom and democracy in Belarus. Memorial emerged during Glasnost, documenting the crimes of the Soviet era. The Ukrainian organization is capturing evidence of Russian war crimes that will eventually need to be prosecuted. “It is the daily acts of defiance by those on the ground, the efforts to bring justice and accountability and restore the bonds of civil society that give peace its greatest long-term chance,” Therese writes. Bonus Russian Reading: [A decade of illusions]( over Putin that led to war. — Lionel Laurent Credit Suisse Isn’t the Lehman Moment You’re Looking For Ever since Lehman Brothers went bang in 2008 and ushered in the Global Financial Crisis, its name has been evoked whenever a company, industry or market shows signs of deep distress. Currently, [a Google search](for the terms “Credit Suisse Lehman Moment” delivers about 348,000 results in half a second. But, as Paul J. Davies argues, while Credit Suisse Group AG’s lowly share price shows the depth of investor discomfort with the Swiss bank’s performance, rumors of its demise from a lack of liquidity [are greatly exaggerated](. The post-crisis balance sheets of the world’s financial institutions are far less exposed to short-term funding squeezes, Paul points out. Banks have much lower direct exposure to each other, and their funding sources are longer term. They’re also obliged by regulators to own more liquid assets that are easy to sell in times of stress.  “Really bad managers could still blow up a bank today — and that’s as it should be; regulation isn’t meant to make private enterprise completely foolproof,” Paul writes. “Yet the industry — and especially the biggest banks — have been forced to change their balance sheets and funding sources in ways that make it much harder for a bank to blow up in a really fast and chaotic fashion.” Telltale Charts Emerging market debt has had a bumpy ride in recent months, along with the rest of the fixed-income universe. But the asset class is proving “[more resilient than in previous downturns](,” argues John Authers. This Christmas is poised to bring [a battle between revenge spending]( and retrenchment from inflation. “Revenge will win out,” argues Andrea Felsted. “But only just.” Cargill Inc. is the biggest privately held company in the US. The commodities giant is also “[one of the most lucrative cash-machines]( in corporate America,” Javier Blas points out after reviewing its accounts. Further Reading (and Viewing) The importance of [the lipstick index](. — A TikTok video with Andrea Felsted. Elon Musk gets [three weeks to change his mind](about buying Twitter. — Matt Levine [Behold the hollowing out]( of the UK Conservative Party under Liz Truss. — Adrian Wooldridge Joe Biden should hit Saudi Arabia [where it really hurts](. — Bobby Ghosh The [plant-based meat movement]( is down but not out. — Amanda Little A price cap on gas [is the wrong answer]( to Europe’s energy crisis. — Andreas Kluth Iran’s brave women protesters deserve the world’s support. — Bloomberg’s editorial board The International Longshore and Warehouse Union [shouldn’t cling to an inefficient past](. — Thomas Black ICYMI Steve Cohen’s new edge is bringing [hedge fund moneyball]( to the Mets. [Superyacht sales are booming]( even as rich Russians leave the scene. With the Porsche family back in the driver’s seat, [a who’s who of the clan](. [A $568 million hack of Binance coin](roils crypto sector anew. Kickers “There are certain seminal roles of stage and screen that all actors crave to play in their lifetimes. King Lear. John Proctor. Lady Macbeth. Willy Loman. Hannibal Lecter. And of course, [Mario](...” The Bank of England is sending schools copies of its book [“Can’t We Just Print More Money?”]( (h/t Marcus Ashworth) Next week, [an AI robot](is scheduled to address the UK’s House of Lords for the first time. Russia is now [Ukraine’s biggest arms supplier](, with 440 tanks and more than 600 armored vehicles seized by Kyiv. (h/t Lionel Laurent) Boston Dynamics has pledged [not to weaponize its robots]( (which are scary enough IMHO). (h/t Paul J. Davies) Notes:  Please send happier meals and feedback to Mark Gilbert at magilbert@bloomberg.net. [Sign up here]( and follow us on [Instagram](, [TikTok](, [Twitter]( and [Facebook](. Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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