The panic in world credit markets reached historic intensity yesterday prompting a flight to safety of the kind not seen since the second world war.
Barometers of financial stress hit record peaks across the world. Yields on short-term US treasuries hit their lowest level since the London Blitz. Lending between banks effectively halted and investors scrambled to pull their funding from any institution or sector whose future had been called into doubt.
The $85bn emergency Federal Reserve loan for the troubled insurance giant AIG, announced on Tuesday night, failed to curb the surge in risk aversion. Instead, markets were hit by a new wave of anxiety.
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