When markets are buckling and volatility is signaling a crisis,...

When markets are buckling and volatility is signaling a crisis, you sell what you can, not what you want...

http://www.bloomberg.com/news/2014-...spurs-selloff-as-record-treasuries-trade.html

During times of market fear, and especially panic, liquidity will contract much quicker than it expanded. Likewise, outstanding debt can deflate much quicker than central bankers can reflate (ie. buy debt). This is the scenario we experienced during 2008. And this is what we'll experience during 2015/16. Only this time central bankers are more restricted and inhibited in their reactions to markets.