‘Second Life’ needs its own Ben Bernanke

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

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