It was as if global markets pulled elements from the 1994 bond market dislocation, 1997's Asian Bubble collapses, the 1998 Russian/LTCM fiasco, and the 2008 market crash - and synthesized them for a week of ridiculous market instability and dysfunction.
Thursday was an extraordinary day of global market panic - The "Worst Day Since the 1987 Market Crash" - "Biggest VaR Shock In History." Add the "worst week for Credit in Decade." It was the dreadful global de-risking/deleveraging episode - a disturbing case of synchronized liquidation, market illiquidity and dislocation. Global markets - stocks, bonds,