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No one knows the scale of any player's existing liabilities

No one knows the scale of any player's existing liabilities.

RELATED ARTICLESExplain
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The Global Financial Crisis
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Immediate triggers of the financial crisis?
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Sudden evaporation of market confidence/trust
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No one knows the scale of any player's existing liabilities
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Concern some institutions may be concealing massive losses
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Concern some may not even know scale of own losses
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Absence of transparency means unknown liabilities and mistrust
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Commercial paper market froze up suddenly
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Risk that no one will want to lend anyone else money
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Banks' borrow-short-lend-long strategy backfired
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Inverse characteristics of trust and fear
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Sudden, sharp increase in global risk aversion by baby boomers
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