And the crash goes on. Asian equity markets declined 4-5% last night, and Europe is currently off about 5% (bloomberg):

US futures are also pointing solidly lower:

But the most noteworthy prices today are in the commodities sector, where we have oil under $87, Dr. Copper at $2.53, and coffee, yes, even coffee finally falling, down to $1.18/pound. I have been watching coffee, and for as long as I can remember it has been stuck in the $1.30 – 1.45 range

The commodity indexes have now given up all of the gains from their manic phase of late ’07 to spring ’08 (Bloomberg):

Meanwhile, Treasuries are marching higher, with the 30-year touching 4 percent flat this morning.

Smells like deflation.