It's a mess no matter how you look at it. The sovereign wealth funds of oil producing nations strapped with low oil prices and no longer being able to provide for their citizens are selling what they can while they can to raise funds. That means equities, generally, because that's where the liquidity is. For now anyway. Also means they're going into dollars, which drives up the dollar and drives down asset prices further.
If that's not enough to chew on, to much of the world fell back on oil production to prop up their failing economies after the last crash. That includes America in a big way. And of course, not to change course, the banks jumped in with both feet and financialized the whole business with more of their tried and true financial engineering of junk debt, derivatives and God knows what else.
How is this not a rerun of 2007-2008? Then it was the housing market that fell through the floor and left mortgage derivatives stranded up the creek without a paddle. Now it's the oil market collapsing. Is it massively bigger this time? I suspect it is. There are way more moving parts to this one than even imaginable. It'll be just one more crisis that nobody ever seems to be able to learn from. Maybe this time will be different, but don't bet on it.
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