Word: centralizes
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According to Liew, that's because the monetary-policy prescriptions offered by central banks have thus far done little to cure the constipated credit markets that are stalling the global economy. Under normal circumstances, interest-rate cuts by central banks would promote interbank lending. But Wednesday's coordinated rate cuts in the U.S., Europe and Asia have failed to restore lenders' confidence. The London Interbank Offered Rate, the benchmark for short-term interbank lending rates, actually rose to 4.75% Thursday, its highest level of the year. In Hong Kong, interbank lending rates have doubled in the past month. Banks remain...
...Banks may get some clarity soon. On Friday, finance ministers from the G-7 nations will meet in Washington, D.C., to discuss a coordinated response to the financial crisis. Adrian Mowat, chief Asia and emerging-market strategist for JPMorgan in Hong Kong, says that central bankers may follow Britain's lead by pumping liquidity into their banking sectors and underwriting loans between banks. "The situation is so serious that they will have to deal with it," Mowat says. "The collapse and crash this week means they must...
...worst foolish. Nonetheless, there were events that were hard to ignore. Insurance contracts tied to the debt of the now defunct Lehman Brothers were finally settled up, and - after much breath-holding - no other firms unraveled. In Washington, black SUVs and town cars of the G-7's central bankers and Treasury officials rolled into town, bringing with them the hope that the people with the power to fix things - assuming there are such people - will collectively figure out a plan. On Friday, some investors even dared to start talking about the possibility of a market bottom...
...stem the current credit crunch and companion market meltdown. Their proposed solutions include: cut interest rates, recapitalize the banks and insure deposits; get governments to step in and guarantee short-term interbank lending. "The first good thing about this situation is that it does not call for different central banks and Treasuries to do different things, but rather for them all to do the same thing in unison without fouling each other's oars. That should be relatively easy to arrange," wrote University of California, Berkeley, professor J. Bradford DeLong in a new e-book about the crisis...
...mounting evidence from U.S. officials and other experts that the tanks aboard the Faina were not destined for Kenya, as both the Kenyan government and the tank's Ukrainian shippers claim, but for South Sudan, the autonomous oil-rich region of Sudan, which has a fractious relationship with the central government in Khartoum. If the standoff is resolved, will the three American warships encircling the Faina just clear a path and allow it to proceed...