Global Central Banks squandered their resources to prop up a collapsing debt bubble, by making it bigger. Unlike the Great Depression, the debt was never discharged in 2008, instead, lenders were bailed out by giving borrowers more debt.
0% was offered where 1% had failed catastrophically. Bernanke says he is a student of the Great Depression. He's a student of Dungeons and Dragons...
Bank of Japan
To conclude, a Global risk off event is WELL underway, affecting somewhere north of $200 trillion in global risk assets. One Central Bank drip feed stimulus program may or may not attempt to stand in the way of the stampede out of risk.