Exposure to Ice

[koganbot]

Krugman recommends Across The Curve, a blog by bond trader John Jansen (though Krugman himself has to look up some of the words, he says).

someone else mentioned to me that the debacle in Iceland might have implications in Scandinavia. The logic is that some of the big Scandinavian banks probably have large exposure to the Icelandic banks. It would not be a surprise to observe one of the Scandinavian banks emerge with more exposure to Iceland than anticipated.

In this environment, the market would punish that behavior severely.

By the way, my flist being strangely silent about this once-in-a-lifetime* financial crisis, is ILE having good convos on the subject? I haven't checked yet. (I mean, good for its attempt at economic thought, not just good if you're interested in the sociology of ILE.) In general, where are you guys going for conversation about the crisis?

*Or at least first-in-my-lifetime big-size financial panic.

Comments

[alexmacpherson.livejournal.com]

I'm not going anywhere for conversation because I seem to have this total inability to understand basic economics, so a great deal of it - even in dumbed-down reports - goes over my head. I'm following coverage generally, inc on ILE, which is fine as long as you make judicious use of the scrolldown button. I'm not worried, really? I'm more excited - it's like, hold on to your hats, we're about to have ringside seats for a really fascinating period of global history.

I would really like to read an interview with one of the fuckers responsible for the insanely complicated financial instruments/batshit lending policies though...the lack of accountability is crazy. I haven't seen ANYONE responsible for this explain themselves yet.