Even though everyone had been thinking about it every now and then, the past few weeks have been the first time that old memories were back for real: “is this 2008 again?”. The reason it took so long is that events like 2008 are rare to come by. First, you need a very large shock that can be both deep and broad enough to derail the global economy. Second, you need it to have unexpected ramifications that create secondary shocks with negative spill-overs. Third, you need the policy response to be either too little or impotent to address the issue. Finally, you need the right market conditions to allow for a large downdraft to unfold.