I agree completely with John Rubino's take on what is going on. For anyone who is paying attention this melt down was completely predictable. There is a reason I invest in hard assets and avoid most other types of "bank recommended" investments. All the cheap money that has flooded into the financial system has propped up a bankrupt global economy and a devolving society. The times are a changing... John's short article can be read below.
"One of the (many) fascinating things about this latest global financial crisis is that there’s no single catalyst. Unlike 2008 when the carnage could be traced back to US subprime housing, or 2000 when tech stocks crashed and pulled down everything else, this time around a whole bunch of seemingly-unrelated things are unraveling all at once."
Continue reading the full article: Perfect Storm!