And as banks do their patriotic duty and direct their increasingly precious and scare capital resources towards their domestic markets, the amount of credit available in the world as a whole is being compressed.
What's going on can be seen as a partial retreat from globalisation in the financial economy.
The scale and longevity of that retreat in this new year will determine all our economic fortunes, wherever we may be in the world.
http://www.bbc.co.uk/blogs/thereporters/robertpeston/2009/01/british_banks_have_to_lend_mor.html#top
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