Northern Rock cracks start to show
Banks and governments unite at times of financial crisis in talking the markets up, pretending there is no problem, that everything is under control. Shrewd commentators reckon that we are teetering on the precipice of financial meltdown.
A story here is instructive. The State bank of Saxony has lent €65bn to the US market, despite having barely €200m of equity.
A bumpy ride ahead, methinks.