Something big is going on...

The economic data making headlines this morning is rather sober reading. Highlights so far include:

1. Chinese airlines report domestic traffic volumes are down 84.6%.
2. Wall Street dropped 9.5% overnight. It's now trading 28% below its recent peak.
3. The FTSE in London dropped 10.8% while markets in France and Germany dropped more than 12%.
4. The Australian dollar dropped another 2 cents overnight. It's now trading at a 12 year low.
5. The most profitable air routes for European carriers (i.e. trans-Atlantic) are closed for 30 days.
6. The Australian Government has announced a $17.5 billion stimulus package.

Australia's current toilet paper shortage pales in comparison. We certainly live in interesting times.