This is just as bad as the liquidation that occurred last Spring, in what has been titled the Flash Crash. The reason is because the dollar has not been a safe play. The Euro and other currencies have made gains, but it is nothing to the slaughter on equities. Treasurie bonds continue to capitulate as no one wants to be holding worthless paper ten years down the road.
Gold and her sister metals are the only winner, that and oil production, but the gains are not close to the over losses. Here is your deflation! It happens in spurts. Hyperinflation has been the steady one, and it has not been so much hyper as steady. Maybe I should trademark this...steady inflation!