This happens against a backdrop of unprecedented manipulation of the financial markets since 2008. The signs are everywhere: - persistent negative-yielding lon

This happens against a backdrop of unprecedented manipulation of the financial markets since 2008. The signs are everywhere: - persistent negative-yielding long-term sovereign debt in Europe - Bank of Japan owns 80% of the Japanese ETF market - a Federal Reserve unable to contain the exploding repo market - price-to-earnings multiple at historic highs, even accounting for declines - stock buybacks galore field by ultra-accommodative central bank policies - all eyes on the Fed to see what kind of shock-and-awe they can deliver - a US administration doing everything in its power to undermine the independence of the Fed and bring on negative interest rates The GFC never ended. It was never resolved. It was simply rolled over, like opening a second credit card account to paper over a hole in a personal budget. Panic is a strong word. Market panics are very rare. Nevertheless, it would not be surprising to see a full-blown stock market panic this week.