Thursday, February 28, 2008

Bank Crisis Looming

Another banking crisis could kill thousands, warns the Financial Times this morning.
According to a University of Cambridge study, the average “systemwide” financial crisis over the last 40 years has increased deaths from cardiac distress by over 6% in wealthy nations… and even more in developing countries.
In a case study examining the contemporary banking crisis, Cambridge researchers estimated up to 5,130 souls would leave this world should “a significant proportion of banks” suffer a crisis similar to that of Northern Rock’s last fall.
The researchers interviewed folks in what appeared to be a rather tame “bank run” at the Rock last year. As is turns out, some of those in line were experiencing intense stress… similar to the unease experienced in natural disasters or terrorist incidents.
So… when the s&^% hits the fan in 2008… take it easy… have a glass of wine. Chill out.

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