risks

Russia has lowered rates and Vietnam has raised them. This is the ninth cut since April for Moscow – they are trying to slow the appreciation of the rouble and revive lending. Hanoi has devalued the dong by more than five per cent and raised rates by a full percentage point in an effort to curb inflation. The Vietnamese move is not the start of the mooted currency war.

Rising bank failures pushed the FDIC rescue fund into debt as of September 30, 2009. Read more

Too-big-to-fail policies are giving banks the wrong incentive, namely to grow very big, very quickly. Clearing houses can collapse as well as banks, and Sri Lanka joins the rush for gold. Read more