This will surely help gain a better understanding of “Black Monday”:

If there is one thing this “market” is screaming right now it is too much free trade.  Then again, with central banks and Wall Street (redundant) passing themselves off as the one true inspiration for capitalism this confusion is actually understandable in a Kindergarten sort of way:

These days it’s fairly widely accepted that it’s very hard for central banks to get traction at the zero lower bound unless they can convince investors that there has been a regime change – that is, changing expectations about future policy is more important than what you do now. That’s what I was getting at way back in 1998, when I argued that the Bank of Japan needed to “credibly promise to be irresponsible,” something it has only managed recently.

UPDATE:  It’s bipartisan. Nothing makes the illiteracy stand universally more than “unexpected” turmoil:

“Americans are struggling to cope with the fall in today’s markets driven in part by China’s slowing economy and the fact that they actively manipulate their economy,” the Wisconsin governor said in a statement. “Rather than honoring Chinese President Xi Jinping with an official state visit next month, President Obama should focus on holding China accountable over its increasing attempts to undermine U.S. interests.”

I’m thinking Alan Greenspan or Ben Bernanke could deliver the message on behalf of the US government; if Janet Yellen isn’t too busy, that is.