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Hence the outraged reaction to revelations about the skulduggery in the interbank and foreign exchange markets.
But interbank and commercial-paper markets suggest that the blind panic is abating.The bad news is that the world economy is weakening fast.
China's interbank and money market rates have soared over the last two weeks, and banks and other financial institutions are afraid of lending to one another.
We needed little capital to support them; there was no liquidity charge, very little default risk and a small positive margin, or "carry", between holding the assets and their financing in the liquid interbank and repo markets.
The Treasury Business segment covers interbank and capital market activities and proprietary trading.
The Financial Institutions Business segment covers the company's interbank and money market business.
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But to most people, who generally don't have to deal with merchant accounts and interbank transfers and wire deadlines, who just use their credit and ATM cards and don't think about how much they're being gouged by fees and exchange rates, today's centralized financial systems are generally good enough.
The euro has already existed in a virtual form for three years, used in trading stocks and bonds, interbank transactions and electronic purchases like credit card transactions.
The plan aimed to restore market confidence, help stabilise the British banking system and provide for a range of short-term loans and guarantees of interbank lending, and up to £50 billion of state investment in the banks themselves.
The plan should offer some temporary government guarantee for deposits and loans to unlock interbank lending and gain some time to figure out which banks can be saved and which cannot.
The real test could come Tuesday, when the Treasury Department may announce additional initiatives like equity investments into banks and a backstop for interbank lending, and bond trading starts up again.
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