THIS IS NOT ASIA REDUX
[Latest Global Dollar Liquidity Measure: +15.7% annual growth rate; latest Endogenous Liquidity Index: -23.0%]

As a keen watcher of credit spreads, I don't pretend to downplay the seriousness of the crisis in creditland. Estimations for corporate profits and global economic growth will most certainly have to be revised downwards. But this is not 1998 redux, as some are suggesting (sorry, no link). Back in September 1998, our Global Dollar Liquidity measure was all but collapsing: -4.7%. It is +15.7% now.