Like a stone dropped into a very large pond, the crisis in the US home loans market is sending ripples throughout the world's financial system.
It has already caused a few upsets, an Australian hedge fund collapsing here, a small German state bank having to be rescued there. But September is the month when the true cost of the credit crunch will be felt by some of the richest companies on the planet.
In the glass towers of Wall Street this week, the bankers at Goldman Sachs and Morgan Stanley have been totting up the figures for the past three months.
It has been a good year, with record profits and bonuses. But that is going to stop.
Barclays share price fell because of a story that the bank had exposure to very significant losses incurred by that small German bank mentioned earlier.
Well, it turned out that any exposure is in fact pretty small. But that didn't stop the rumour doing the damage.
I find this the most alarming thing - if the market is so susceptible to irrational fears, we could get a drastic crash caused by nothing in reality.
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