The rial is dying and hyperinflation is creating real potential for full-fledged economic panic.
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And global economic concerns seem to still give investors panic attacks.
Furthermore, even though emerging markets wobbled in May and June, there was nothing like the panic (nor the wider economic impact) seen in 1994-95 after the Mexican peso devaluation, or in 1997-98, with the Asian crisis.
As its title suggests, this work brings its readers from the Crash of 1929 and ensuing Great Depression through economic confusion that set the stage for the Panic of 2008 and the Great Recession.
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It is no wonder that the U.S. and the U.K. had more than a hint of panic in their responses at recent global economic summits.
But for our money, it is the easy Fed, the end of the panic and accounting rules reform that is boosting economic activity.
The IMF's move seemed more political than economic in nature and was intended more to break a panic than to establish a plan for growth and to create a course toward solvency.
At today's prices the panic moves on auto efficiency don't make economic sense.
It is much more likely to come a part of a monetary policy response to the dramatic deterioration of the economic situation, which will be exacerbated in the periphery by barely suppressed panic in sovereign bond markets.
"The finance ministers were in shock, almost in panic this weekend, " he told CNN, in a reference to top economic officials who gathered in Washington.
The Fed is less likely to screw up in a moment of panic if it has an objective yardstick to tell it how to react to changing economic conditions.
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The task for markets once the current panic to get away from all risk subsides, will be reassessing the outlook for economic growth and corporate earnings under the changing conditions of a potential Great Austerity period.
As I noted in my column last weekend, the Fed seemed to panic after the stock market plunged in August in its worst August in years, as economic reports continued to worsen.
There's a reason why Draghi had to step in to stem the panic: Because eurozone politicians keep dithering instead of putting in place measures to secure the financial and economic stability of Europe.
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