We watched last night the rows of cars below our balcony, snaking their way out of the pollution and congestion of South America’s second largest metropolis, out into the peace and calm of the surrounding campos and estancias.

The usual rabble and riff-raff have left for the long weekend. The city is empty. And quiet.

Still, there is reckoning to be done…

Markets continue with what Eric Fry yesterday dubbed the “everything off” trade. “Investors are dumping everything with a ticker symbol,” observed Mr. Fry. “US stocks, foreign stocks, government bonds, corporate bonds, precious metals, crude oil and almost every other commodity”…everything is “off.”