Over the last 2 weeks, Icelandic banks were caught by the unwillingness of other banks to continue to lend capital on overnight markets. Taking advantage of liberal credit and deregulation, Icelandic banks had been amongst the most aggressive in expanding to Europe. With a small local economy, heavily leveraged expansion overseas was […]
Facing at least the partial nationalization of the financial system in the United States and United Kingdom, Will Hutton, a well known UK economic journalist, commented in the Guardian,
This is not the end of capitalism, as some wildly claim; there is no intellectual, social or political challenge to a market system based on respect for […]
News concerning the failure, nationalization and and rescue mergers of major banks in New York and London is not coming from ‘nowhere’. Understanding what happens next is hard if one concentrates on the media search for the next particular financial weakling to be culled (the speculation has been on Morgan Stanley, seeking a Chinese partner) […]