 | The Bullroarer - Thursday 9th October 2008 | The Oil Drum: Australia/New Zealand | Locabucks: Are local currencies a way to escape the liquidity trap ? |  |
Update on the Banking Crisis
Posted by Phil Hart on October 9, 2008 - 7:33am in The Oil Drum: Australia/New Zealand
with thanks to somebody out there..
Following the problems in the sub-prime lending market in America and the run on Northern Rock in the UK, uncertainty has now hit Japan. In the last 7 days Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches.
Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song while today trading of shares in Kamikaze Bank were suspended after they nose-dived.
While Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but they remain in the black. Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.
And the final update is that the Bank of Iceland has had its assets frozen!
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That's too funny. :)
Yeah right. Very funny!
Without detracting in any way from the criminal role of some in the financial sector, especially in New York and London in bringing on this crisis, peak oil is also responsible, because of its impact on petrol/"gas" and food prices and therefore on disposable incomes. I always thought (as do most of the TOD community I think) that Peak Oil would manifest itself in the capital markets somehow, but I didn't know how.
Now we can see the effect. I agree with Nate Hagens. PO is effectively a past tense term now. People blithely talk of "when this recession is over" or some such, but I think the business cycle is well and truly busted. All of the depressions and recessions over the last 100 years had cheap and plentiful oil available when it was all over. That is no longer true.
Q: What's the collective noun for a group of Bankers?
A: A "Wunch"...
;-)