This crisis has been caused by arrogant central banks

Tragically, while policymakers supposedly understand this, they have spent years undermining the price system, making it less useful and efficient, planting the seeds for one crisis after another. The current market turmoil - which has pushed the FTSE 100 down 22pc from its recent peak, sent yields into a spin and turbocharged gold - is one consequence of all of this.

This crisis has been caused by arrogant central banks