As a result of concerns about the accuracy of the London Interbank Offered Rate, it appears that a number of financial institutions are casting about for an alternative metrid.

This is big, because it reflects the fact that even the most mundane, and until recently rock solid, standards of the financial industry are no longer reliable, which is why money is not flowing, and is unlikely to flow.

This appears to be a slow motion car wreck that we are watching in the financial markets.