The reality is starting to settle in that while the rate cuts and cash injections were positive, they still can’t prevent the inevitable recession that is in motion.

Asian markets were battered as the Nikkei plunged more than 11 percent and South Korea tumbled 9.4 percent, as oil prices dropped to a one-year low Thursday after downbeat U.S. economic data spread fears of a more protracted and sharp global slowdown than initially expected.

Europe is opening down roughly 5% but it’s only just starting.