The past two Thursdays have seen extraordinary things happen in financial markets. Last Thursday, BNP Paribas suspended redemptions on 3 of its funds, forcing the ECB to inject €95bn of liquidity into the financial system. Yesterday, the largest US mortgage lender, Countrywide Financial, had to raise an emergency €11.5bn loan in order to continue trading, […]
Chemicals and the Economy
Interesting Quotes (2)
Credit market problems intensified last week, even though stock markets rallied strongly until Wednesday. I thought you might like to see some more comments on what is going on, from people close to the action. ‘Trust was shaken today (Wednesday). Credit depends on trust. If trust disappears, then credit disappears, and you have a systemic […]
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