'Second Life' needs its own Ben Bernanke
| September 9, 2007 |  View for printing |
Executive behind online world exercises control
Just before U.S. financial markets were roiled by a global credit squeeze this summer, an equally dramatic financial crisis threatened "Second Life," the much-hyped online world.
On July 25, the company controlling "Second Life" announced that it would no longer allow gambling. Economic activity was cut by nearly half as gambling halls shut down.
That's a recipe for disaster in any economy, with job losses and a possible currency collapse, but the online world stayed on an even keel. That's in part because few people make a living there, but also because of the firm grip on its currency market by "Second Life's" equivalent of Ben Bernanke, chairman of the Federal Reserve."
By PETER SVENSSON THE ASSOCIATED PRESS
Full Story: http://seattlepi.nwsource.com/busine ... life08.html
No reader comments so far. Be the first to comment by clicking the button below.
Reprinted under the Fair Use doctrine of international copyright law. Full copyright retained by the original publication. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.
