I was listening to Bloomberg radio Thursday - there was a panel discussion with Jack Welch and a bunch of other business heavyweights. The all used the term "game" to describe the economy - "back in October, we were afraid the game would be over" and "we had to keep everyone in the game, so I think what the Fed did was right on" - stuff like that.

We are now officially living in a financial world that is - literally - unknowable. There's no good reason why it should be POSSIBLE for 9 Trillion dollars to be absorbed into the market without a trace and there's no good reason why fractional reserve currencies should work - except that we all agree to the rules of this game, and we're all of us perfectly well aware that if we all decide to stop playing - or if enough of us get kicked out of the game via unemployment, we have absolutely no idea what that would be like, but we know it won't be good.

The best description I've ever seem for a Worst Case Scenario is here over at the very good SeekingAlpha.com