In the surreal world of post-2008 financial markets and monetary policy ‘black swan’ events shouldn’t surprise us any more…. Over the past six years financial markets have already been producing what would have hitherto been regarded as ‘black swan’ events.  ‘Flash crashes’ and trading surges of such size that should be extraordinarily low probability occurrences according to all existing modelling of financial markets are becoming an increasingly frequent feature of financial markets.

Source: The Coming Crisis: we’re not in Kansas any more | SPERI