In a scene eerily prescient of our nation's economic collapse (I'm from the future, so I know.), some banks in Linden Labs' Second Life MMO are being shut down, partially due to economic improprieties.
Surprisingly, there are actual people who play Second Life, and, even more surprisingly, they entrust actual money (in the form of Linden Dollars) to other players who operated virtual banks. The banks are unregulated and make grandiose promises of huge interest rates. Some banks have already failed, and others have limited withdrawals.(Editors Note: You'd have to be ape-crap crazy to give money to a person you met in a damn videogame. Editor's Other note: Dear Ron Paul fans: this is what happens when you don't have regulations on economies. Third and final editor's note: We love making fun of Second Life. Sorry, fans.)
Linden, presumably seeing a disaster in the making, has ordered that SL banks and financial institutions be shut down to "Protect our residents and the integrity of our economy."
From now on, SL financial institutions will need to provide "proof of an applicable government registration statement or financial institution charter" in order to operate in Second Life.
As you might expect, real world banks, lending firms and brokerage houses are flocking to the virtual world in huge drove, as it represents the future of... oh, wait, no they aren't. Banks are staying away from Second Life like you stay away from dog crap on the sidewalk. Real banks are, by their nature, for real and like real money instead of pretend fake dollars that you buy mechanical genitals with.
Wall Street Journal: Cheer Up, Ben: Your Economy Isn't As Bad as This One
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