Naughty or nice, markets seek rationality and normality

Dear Santa,

All I want for Christmas is liquidity.

Although, to be honest, that is just the tip of the iceberg of a wish list of factors needed to restore anything approaching the level of trust needed for markets and the world's financial system to start operating normally again.

As superlatives continue to flow, the world economy appears set on a full-scale rapid descent into a period of negative growth. How long that situation will continue is anyone's guess.

Central bankers, market traders, poli