The markets are now entering a new phase of deterioration as reality swamps the near-heroic efforts of the central planners to prop, cajole, and rumor-lift the financial markets into something, anything that might inspire confidence and at least appear healthy.
I say 'near heroic' instead of simply 'heroic' because there is nothing at all heroic about trying to produce prosperity without producing anything besides words and electronic credit. It has never worked before and is not going to work this time.
The entire strategy of the world's central bankers can be distilled to the phrase "delay and pray."
Well, things have been forestalled, but the praying has not worked, as the world economies failed to re-enter the type of robust growth required to support all prior debts plus enable the necessary continuation of additional credit accumulation.