No financial chaos in virtual world of Second Life

POLITICAL ECONOMY

by Staff Writers
Paris (AFP) Oct 15, 2008
In contrast with the turmoil rattling gobal financial markets, it's all smooth sailing in the virtual economy of Second Life, the California-based creators of the Internet-based universe said Wednesday.

"Despite the chaos in the world's economies, lead indicators for the Second Life economy remain strong" said John Zdanowski, financial director of Linden Lab, which set up Second Life in 2003.

"Second Life as a whole has been so far unaffected by the recent turmoil in real world markets," he added in a written response to AFP.

The exchange rate of the Linden dollar to the US dollar had remained stable, he said, as had trading on the LindeX exchange.

The commercial online world, in which people are represented by animated avatars and can do everything from social activities to shopping, has attracted more than 10 million subscribers, though only five percent are considered active users.

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POLITICAL ECONOMY

Recession stalks US, EU, but China offers hope: economists

London (AFP) Oct 15, 2008
The United States and Europe are heading for a "nasty recession" despite efforts to shore up the banking system, but Chinese growth could limit the damage to the world economy, economists said Wednesday.

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