There is something strange going on. In 2008 the global financial system collapsed, it stopped dead -- we didn't know if it could be restarted. Prices on goods and assets plummeted everywhere, instantly. In the recession of 2020 prices haven't budged. They seem frozen in time. Despite an economy in lockdown for a second month and 25 million unemployed — and there is no effect on prices? This reflects a widespread belief that unlike in 2008, the system is strong enough to handle an unprecedented disruption to the global economy. Yet we are more vulnerable to the derivatives markets today than in we were in 2008 when values imploded. Derivatives markets are far larger today and continue to be poorly regulated. A collapse in valuation and prices can cascade through an entire economy. It's a mistaken belief that the underlying system is healthy -- there is another shoe to drop and maybe a penny, too. There's a massive reassessment ahead -- a new valuation for nearly every aspect of human endeavor. The future has been accelerated. …see more