As Macro and other Market Musings shows us. However, we need some idea what things were the most illiquid. The demand for liquid money occurred some months after the demand for liquid oil and that occurred some months after the demand for liquid ships. Which liquidity demand was first noticed by the money changers?
It was likely a money changer from OPEC who saw the next inventory of liquid money was unmatched to the next oil tanker convoy. So the oil trader lengthened his inventory cycle, deciding to wait a while until the next batch of money matched his oil tankers. Upon doing that, the oil supply all down the line readjusted inventory quants, and the spiral appeared. The spiral appeared on July, 2008.
By Oct, 2008 the money system had to adapted to the spiral, and bankers surviving hysteria became the normal.
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