To sum up the last 24 hours we’ve seen a fall of 2-4.5% around the globe in the world’s markets. After last week’s similar tumble, things are not looking good. As the European Markets are now opening and again falling, we’ll see how far this madness can go.

Viewing the longer-term trends of months and years, it looks fairly clear that we’ve entered a period of intense “volatility”. This may be a warning sign of a far worse crash to come, or it may signal the beginning of a slower, staggered fall. Where or when this might bottom out is anyone’s guess, but I highly doubt yesterday was it.

The risk now is that people are expecting a crash. Rest assured, plans are quietly being made to ‘liquidate’ fortunes at the first sign of serious trouble. Many doubtlessly already have been, and that’s likely a major driver behind these sudden drops. These plans can’t be shared (that would defeat the point), and “trouble” is highly debatable. As a result, nobody really knows where the “tipping point” lies which will drive the crowd off the cliff.

All of this might be thoroughly entertaining if the homes, incomes and livelihoods of billions of people weren’t at stake.