Panic seized markets this week. Just one asset class is deemed safe: the liabilities of highly-rated governments.

The price of a barrel of oil is below $50. The dividend yield on the S&P 500 is higher than the yield on US 10-year treasuries. The yield on short-dated US inflation-indexed bonds is higher than on their conventional equivalents. The yield on ten-year government bonds is now 3.2 per cent in the US and 3.8 per cent in the UK.