Credit Crunch: The End of the Beginning?

The economic slowdown is a year old, but the Bank of England warns it may "drag on for some considerable time" Here's some "big picture" numbers on the state of the world's financial system. According to ING, the total value of assets written down by Planet Earth's big banks is $502bn. The total value of capital raised by the same: $351bn. That deficit, of $151bn could easily get much much bigger. No wonder the... [read full story]