Liquidity, the "life blood" that allows the world's capital markets to function, has been murdered.
It was choked violently in the bond market by the gloved hands of its erstwhile babysitter - the broker-dealers - but it bled to death in the stock market from a thousand cuts.
We should be afraid. The lurking henchmen who worked as lookouts on "the job" are the very regulators and guardians of the stock and bond markets who should've stopped it.
Worse, they don't understand their own crime.
That's scary enough, but what's more frightening is how the wheels of both the stock and bond markets could seize and come to a shredding halt at any time.
Investors who don't want to be murder victims need to examine the evidence.