The Bankers Edition

Here’s a bunch of links I’ve been reading on the economy lately. Not very reassuring stuff. Makes me think that the pound or the swiss franc would be a good idea now.

The Black Box Economy | The real issue with the current economic freakout is that most of the issues are so complex and so interwoven in the deep recesses of banker’s computers that no one can actually understand the system anymore. Hold on tight kids. It’s going to be a ride.

US Recession will dwarf dotcom crash | UK editior predicts that the recession will be far worse than the early 2000s dotcom crash and that it will have a worldwide impact.

Central Bankers Confront A New Inflation Calculus | Prices staying up or increasing during a downturn can pose risks to the economy. If the rate is cut without prices dropping in the commodities market, inflation becomes a big concern.

FBI Opens Subprime Inquiry | The FBI is opening an inquiry into 14 companies looking at fraud, insider trading and other violations in regards to the massive mortgage bumble that’s putting the country’s economy into a nose dive. S&L? You ain’t seen nothing yet.

Commercial Real Estate Lending close to a Standstill | Capital isn’t out there for deals, be it big or small. Which means very conservative growth (or shrinking even) for the near future.

US Slump Spreading Around the Globe, IMF Warns | Welcome to the Global Economy, where we all get screwed together :)

Banks’ Bad Loans Hit Level of S&L Crisis | The ratio of non-performing assets-to-loans is up to 2.2 percent, a 3x increase since 2003 (at least in Atlanta). The S&L scandals was around 2 percent.

Seriously. Can anyone tell me how to open a UK or Swiss account?