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Understanding The Credit Crises

It all started pretty innocuously, with banks lending money to each other to help cover their daily operations. Many have asked, in the past, if such financial innovations are really necessary. But here we are, staring at a crises that shouldn’t have been. The gravest and most immediate threat, the Economist writes, is to the banking system. For the time being, banks no longer trust other banks enough to lend them money except on onerous terms; equally worryingly, they lack confidence that other banks will trust them if they want to borrow. Here is a round up of what the papers have to say. Wikipedia, The Economist, from The Australian, from Rediff, Forbes Magazine, The BBC, CNN Money.

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