Industrial production in U.K. marked its worst streak since 1980 as the outputs dropped another 1.0% in February after sliding 2.7% in the previous month. Weakening demands from home and abroad lowered the annualized reading in January, with the largest annual decline since the series began in 1949.

Central banks surveying the post-crisis landscape will undoubtedly sift the rubble for evidence of their own mistakes. The charge is well-known: by allowing money to be too easy for too long, central banks created an asset price bubble that has now burst, with familiar consequences.

The Euro fell to an intraday low as statements from the Obama administration sparked broad based risk aversion which sunk most Asian and European equity markets by more than 3%. U.S. Treasury Secretary Geithner said some banks will need “large amounts” of assistance.