“David Stockman:  “The greatest danger is the central banks.  All the central banks are out of control.  They have expanded their balance sheets in a way historians someday will properly and soberly describe as lunatic....

“...So I think it’s extremely dangerous.  No one has the foggiest idea of what land mines or explosive eruptions are out there.  But it’s all out there and it’s just looking for a catalyst, looking for a match.

The accumulative recognition that the environment is a lot more dangerous than people thought -- it’s not benign, it’s not ‘the crisis of 2008 is over,’ and ‘We’ve crawled along and finally we are nearing escape velocity,’ and all this nonsense you hear from Keynesians like Larry Summers and the economists at the IMF and the World Bank and so forth.

I think what the marketplace of the world is beginning to realize is that the opposite is true -- that we’re not getting stronger, better, and returning to normal, but instead the accumulation of all these anomalies and bubble finance effects are beginning to become apparent to more people.  And as that happens, you get to an environment where some catalyst can set off a real selling panic.”

From KingWorld News 
  http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/3/13_David_Stockman_-_We_Will_See_A_Massive_Selling_Panic_In_Stocks.html