Salon (free pass or subscription required) has a great article providing the background to the present tensions in the credit markets. It’s worth a read if you’re wondering what exactly is happening right now:

“…By many measures the global economy is growing faster than it has for decades. But in our globalized world, anxiety is everywhere. Soon after the markets close in New York, Asia’s traders start running for cover. By the time they’re exhausted, Europe is picking up the relay. And then back to the United States it comes.

People who devote their entire lives to studying the intricacies of high finance are confused right now. But the basic storyline isn’t that complicated once you break it down into simple building blocks. And that’s what Salon is going to do. Here are some simple questions and, we hope, some simple answers.”

Read the rest here: Panic on Wall Street | Salon Technology