Nomura Chief Says Liquidity Crisis Over

He is doing a lot of hedging but Kenichi Watanabe, chief executive of Japan's Nomura said, “From a very optimistic point of view, the financial liquidity crisis has subsided, for the time being, and the focus has shifted to the real economy.”

Given that the world's central banks are printing money to "unfreeze" the markets, the likelihood is that Watanabe is correct and the liquidity crisis is over. As for the "real" economy, the central bank doses of liquidity will take care of that also. If central bank money printing continues, the real concern will be re-ignited inflation and not a long drawn out recession, but as they say on election night, it is still too close to call.