The doubts burst into the open on August 9th when central banks were forced to inject liquidity into the overnight money markets because banks were charging punitive rates to lend to each other.

ECONOMIST: The crisis of confidence

By restricting its liquidity support, the ECB will be able to guide overnight interest rates towards 1% without having to alter its policy rate.

ECONOMIST: Appraising the European Central Bank

In mid-August the Fed supplied enough liquidity to hold the effective federal funds rate, an overnight interbank rate, below its then target of 5.25%.

ECONOMIST: Central banks have played a starring role

The British Bankers' Association said the interbank cost of borrowing overnight had fallen - a day after interest rate cuts and governments provided additional liquidity.

BBC: US stocks slide to five-year low

We are encouraging firms to improve their management of liquidity risk and to reduce over time their reliance on triparty repos for overnight financing of less-liquid forms of collateral.

FORBES: Transcript

Mr. MIKE ENGLUND (Founder and Director, Action Economics): Overnight, we found banks in Europe, and in France in particular, had liquidity issues, which raised the question: Are the problems we're facing here in the U.S. rippling through across overseas?

NPR: Financial Markets Tumble Amid Credit Crunch

Since the overnight interbank rate is between 40% and 50%, and industry is crippled by the liquidity crunch, this is a siren song.

ECONOMIST: Once again, Indonesia starts living dangerously