"A sinking feeling reminiscent of the global financial crisis, when all kinds of obscure markets went haywire. Underneath the headline numbers were a series of movements that don’t really make sense when lined up against one another. They amount to signs — not definitive, but worrying — that something is breaking down in the workings of the financial system ; All this suggests that major financial players are experiencing a cash crunch, and are selling whatever they can as a result. That would help explain the seeming contradiction of assets that should go up in value in a time of economic peril instead falling in value. In its role as lender of last resort, the central bank’s job is to try to prevent a cash crunch in the economy, even if it has to take unusual means to do that."
At www.nytimes.com
