Martin Wolf appends this chart to his most recent column. It shows the well-known-by-now interbank spread - the way that Libor has gapped out relative to central bank rates - and tries to decompose it into two parts: a credit premium and a non-credit premium. According to the chart, there's a big difference between Libor spreads now and Libor spreads back in August: in August they were mainly made up of non-credit premia (illiquidity, that kind of thing), while today it's all about credit risk.

I don't buy it for a second. If you read the small print, it says that for the methodology underlying the chart, we should see the Bank of England's Quarterly Bulletin for Q4 2007. It's a very large PDF file, so I'll simply tell you what it says: