It's a cruel, cruel summer

This period of monetary tightening has ended with a pop - just like all the recent ones

Well, so much for summer doldrums. The above-mentioned song title is more apt (any chance to make a Bananarama reference should be considered a gift). In my last column I wrote about the market's fascination with liquidity, and what might cause it to change. But who could have imagined that the change from fascination to desperation would culminate in such a dramatic meltdown?

Writing after a weekend of reflection, I'm struck by a number of things. First of all, there's this nagging feeling that