Like the plot of some blockbuster horror movie, the financial crisis shifts from scene to scene with terrifying speed. It opened with a real estate crunch, which hit homeowners and mortgage lenders but left much of the economy unscathed. It continued to a broader banking crunch, in which car loans, business loans and all manner of lending unconnected to real estate suddenly became impossible to obtain. Now, simultaneously, come three new phases of the turmoil in split-screen Technicolor. The non-financial, or "real," economy is collapsing. Once-solid emerging markets are imploding. And trading strategies predicated on the robustness of those emerging markets are being dumped hastily, driving brutal volatility in markets around the world.