“The risk of a full scale run on U.S. banks … is all too real,” states Nandu Narayanan in his July commentary. Narayanan has a PhD in finance from the Massachusetts Institute of Technology and is a hedge fund manager whose fund, CI Global Opportunities Fund, has gained over 75 ...

The credit crunch appears to be gathering momentum in the United States. Bank credit contracted 9.2% in the 13 weeks to June 18 and 7.9% in the 13 weeks to June 25 (hat tip to Northern Trust for data).