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You may think isk we here at Planet Money are the biggest geeks around. Here’s compelling evidence to the contrary: EVE Online, the “massively multiplayer” game that’s now witness to a virtual banking crisis, has its own economist.
Eyjolfur Gudmundsson reports in his second quarter 2009 newsletter that EVE is a closed world with a very, very free market. Gudmundsson, who’s from isk Iceland and should know a thing or two about banking crises, writes:
“Financial institutions are not regulated by any high level authority within EVE. Deposits with banks are not insured. There is no government to support the financial organization or any lender of last resort.
EVE’s biggest player-run bank, EBank, froze customer accounts after panicked depositors demanded the return of their InterStellarKredits, or ISK. The problem began when the former CEO of EBank stole players’ ISK and sold it in the real world for real money, Gudmundsson writes. That’s against the rules, since EVE isk is designed to be a closed system.
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