- Bank lending to non…nancial corporations and individuals has declined sharply.
- Interbank lending is essentially nonexistent.
- Commercial paper issuance by non-financial corporations has declined sharply and rates have risen to unprecedented levels.
- Banks play a large role in channeling funds from savers to borrowers.
There is not much reading to do as the authors rely on graphical evidence. (via MR)
P.S. And here's follow-up ... I'm sure there's more to come.