The map of the various summit maneuvers is priceless. This whole debacle is beginning to remind me of the Guns of August. The proximate cause of WWI is the assassination of the Archduke Ferdinand by a Serbian terrorist, but tensions had been building in Europe for quite some time. The Archduke’s assassination was merely the match that lit the European powder keg. What were the problems Europe was experiencing at the time? The primary one was the economic rivalries created by the increasingly globalized economy. When things began to go down in July and August, everyone who could stop what was going on was on vacation and subordinates had to do their best.
Don’t be surprised if history repeats itself in this way. If the market descends into a panic, at least we have cell phones nowadays. Now we can reach the muckety-mucks, and they can screw things up themselves.