Don’t panic, but a wrecking ball risks hitting the world’s biggest economy

The next shoe is about to drop in America’s ongoing banking turmoil.

Financial journalists just love market panics. For them at least, the relative stability that comes in between is by comparison dull and boring, if admittedly also rather more conducive to economic well-being and rising living standards.

So it is with a frisson of regret that I note the renewed outbreak of relative calm after the mayhem of the last few weeks. If the panic is essentially over before it even properly got going, that would indeed be a relief. Yet for those of us for whom chaos makes a story, it would also be something of a disappointment. 

For a moment last Friday, it looked as if the fire break of Credit Suisse’s shotgun wedding with UBS wouldn’t halt the inferno. The once mighty Deutsche Bank was widely feared to be next in line.

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Don’t panic, but a wrecking ball risks hitting the world’s biggest economy