We used to think that SARS was the killer disease. No doubt it still is. But at least it seems dormant for the moment. In its place we now have a potentially more potent epidemic going around that looks set to engulf the whole world. I hereby christen that disease SLICS. This is short for "So long as I can survive."
Banks caught it, companies caught it, the people caught it and now countries are getting it — So long as I can survive, it really doesn't matter what happens to others.
This mentality is catching on with alarming speed all over the world. Banks are not lending because to do so puts their own survival at risk. To be sure, being extra cautious about whom you lend your money to is the sensible thing to do in uncertain times like these. And since you might not get it back, you might as well secure a lot of collateral while you're at it.