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A lot of things could be pointed out as a contribution to markets crash today. We will pick one, distant to Wall Street and not so apparent for the investors in North American markets. A lot of tools from today's FED arsenal were tested out in UK first, be it bail out of banks or QE. King - BOE Governor, always speaks with more clarity in English than other gentlemen here across the pond:

"U.K. policy makers paused their 200 billion-pound ($317 billion) bond-buying program, matching the median forecast in a survey of economists by Bloomberg. The central bank may resume purchases “should the outlook warrant” it, the Bank of England said."

In plane English they have tested the patient ability to live without life support - test failed and we can expect QE continued in all of its forms further. We do not expect End of The History again and this reaction will provide a good entry points in a number of markets which will benefit with coming inevitable consequence of this medical shock - Inflation. Money supply will be extended further and when you hear cry about European monetary union collapse: euro, think again. Monetary authorities at home are walking the edge with Budget Deficit well above 10% of GDP now - Europe was shaking today with 6% threshold.

After today's shake up we would expect a lot of hysterical cry about coming collapse of economy and then even most prudent lawmakers will look like an Enemy of the Sate should they oppose another Thanks giving in a form of Jobs Program or what ever it will be called. And we are not even trying to be clever here - another option will be a total break of society as we know it. System is insolvent. The only way to run it is by multiplying liquidity to keep assets valuation afloat in terms of FIAT currencies.