Here.
The central bank base rate means nothing to banks starved of cash. Which is what will happen as capital is destroyed in great big multi billion dollar chunks as bank after bank defaults like Lehman. I fully expect yet another slashing of Interest Rates in the US today and it'll do cock all good.
They'll be offering savings rate of 10% just to suck money in the front door to give them enough tier 1 to keep trading. To make any profit the money being lent out will go to AAA rated credit rating borrowers and will be higher than the savings rates.
Few people get it. Oil at $91 this minute is simply because the market knows demand is going to fall off a cliff. Helicopter Bens mission to air drop bundles of cash has failed. Assets, commodities and bonds are all plunging in value and thus trurning the knife in the banks ribs. Hell, even Al Greenspan is talking about Depression and a once in a century event.
This is not some piddly little event like Sterling exiting the ERM or a Sept 11th style dip. This is the big one.
Bankers jumping off window ledges will be next.