When it comes to dissecting a financial crisis, the correct approach would be to look at what started it all. The origin of the subprime global credit market rout could be traced to what in the financial market circles is called the `Greenspan Put'.

For years I piled on debt and smiled as my profits soared (I even bought a solid gold toilet, yeah) Now I see that I can't be levered this much any more (panicking, I'm panicking, I think I've soiled myself) Bernanke, please save me, cut rates, oh I implore... (Please, even 50 bps) But there's a fine, fine line between a gain and a crippling, crushing, mortally wounding decline… (Help me!!)

This one's different. Or so they said. But just within a week of the mid-year global contagion, it was unceremoniously proclaimed that the summer of discontent was upon us. You could run to any corner of the world but you could not hide. When it comes to a worldwide correction in stock markets, the importance of trash-talk should never be underestimated.

Right from the Red Kite collapse to the unwinding of the yen carry trade to the subprime meltdown and the consequent credit squeeze, global markets, thus far in 2007, have never ceased to amaze in their ability to be alarmist. And why shouldn't they be? When it comes to financial markets, the unwritten rule since time immemorial has been that the binge must be enjoyed while it lasts because at some point all that you will be left with is a head-splitting hangover.

The Analyst Magazine, Liquidity, Global Financial Crisis, Stock Markets, Global Markets, Financial Markets, Global Economy, Subprime Crisis, Federal Funds Rate, monetary Policy, Global Banking System, Global Credit Market, International Financial Centers.