For months now, the world has been zapped periodically by mini financial panics, a sign that money people everywhere are extremely skittish. This morning, we have all the makings of a very bad day.

Around the world, investors are selling off stocks as fast as they can and fleeing to the relative safety of bonds, or cash stuffed into a comically bulging safe. This means that everyone is very, very nervous about the “health” of the global economy. Futures indicate that the U.S. stock market will have a very shitty day today.



Oil dropped again from its already rock bottom prices. Futures are showing it will fall to the lowest price it’s seen since 2003.



European stocks dropped 4%. Which is a lot! In particular, European banks are now doing even worse than they were during the 2008 financial crisis.



The US dollar is also plunging! It is “on course for its worst week since the Lehman crisis.” I’m sensing a pattern...



Now, the Fed’s plan to raise interest rates steadily this year—which would have been a signal of a return to normalcy—is in jeopardy. Many people believe that the Fed’s eight years of easy money are directly responsible for the panic happening now, ironically. It’s a pickle.

And of course, gold prices are soaring, because when people get scared they always buy gold, for some reason.



Why not buy something useful instead, like guns?

[Classic “Wall Street guy holding his head” photo: AP]