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00:00It's clear the Bank of England stepped forward and saying we are willing to be as you say the market maker of last resort or some other central banks are going to have to potentially step up at least be willingness to be a market maker of last resort. What about Bank of Japan. What about for that matter the Fed Reserve. Look I don't think there's any sign that I see yet of other markets being disorderly but we know that when you have extreme volatility that's when these situations are more likely to arise when you have extreme volatility coupled with substantial leverage coupled with substantial uncertainty about what's going to happen in policy layered on top of the kind of uneasiness that you have with high rates of inflation underlying. And with the kind of geopolitical and commodity uncertainty that's coming out of what's happening in Ukraine and China. This is certainly not a time when very many firefighters should be taking vacations. And so I've got nothing to put to predict. But I do certainly think we're living through a period of elevated risk and that earthquakes do not begin. Earthquakes don't come. All of a sudden there are tremors first. And most of the time when they're tremors then just tremors and it goes away. But not 100 percent of the time when there are tremors does it just go away. And so in the same way that people became anxious in August of 2007 actually being all or August of 2000. And 7 I think this is a moment when there should be increased anxiety.

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Summers Sees 'Tremors' of August 2007 Anxiety in Markets

Former US Treasury Secretary Lawrence Summers says he sees "tremors" of elevated risk that parallel the initial signs of financial strain from the summer of 2007. “In the same way people became anxious in August of 2007, I think this is a moment when there should be increased anxiety," Summers says on “Wall Street Week” with David Westin. (Source: Bloomberg)