Good point, wilhelm. Think most economists generally, and certainly most in recent months, have pointed to fear being a factor in a bear market (and over=exuberance or greed in a bull market). The realisation that classical economic theory did not embrace actual human behaviour was a spur to new economic theory (specifically complexity theory)> In the current situation perhaps we need to distinguish between the generalised fear that feeds upon itself, and more rational 'fears' e.g. about war, climate, insurrections, the nature of an economic system that seems to have a life of its own somewhat divorced from 'reality', e.g. hedges, deriratives, futures, banks unable to assess how much money t...

Good point, wilhelm. Think most economists generally, and certainly most in recent months, have pointed to fear being a factor in a bear market (and over=exuberance or greed in a bull market). The realisation that classical economic theory did not embrace actual human behaviour was a spur to new economic theory (specifically complexity theory)> In the current situation perhaps we need to distinguish between the generalised fear that feeds upon itself, and more rational 'fears' e.g. about war, climate, insurrections, the nature of an economic system that seems to have a life of its own somewhat divorced from 'reality', e.g. hedges, deriratives, futures, banks unable to assess how much money they actually have or just how big their loan and borrowing commitments are.