A credit crunch in cyberspace

The banking crisis finds an echo in Second Life

IN VIRTUAL worlds you may be able to fly, but the laws of economic gravity still apply. Last week, when real-life financial markets suffered a credit crunch, Second Life, the much-ballyhooed 3D online world, experienced its first bank run. This featured avatars, electronic alter egos, lining up in front of virtual teller machines, trying to withdraw so much money that it forced the bank, Ginko Financial, to cease operations and turn deposits into perpetual bonds. Some predict that the virtual economy is in for its first financial crisis.

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