Free Republic

Blocked pipes Oct 2nd 2008 | LONDON AND NEW YORK From The Economist print edition When banks find it hard to borrow, so do the rest of us Illustration by David Simonds ANY good tradesman will tell you the importance of the bits of a house that you cannot see. Never mind the new kitchen: what about the rafters, the wiring and the pipes? So it is with financial markets. The stockmarkets are the most visible: as they soar or swoon, the headline-writers get to work. The money markets, however, are the plumbing of the system. Normally, they function efficiently...