Crisis watch, 20 November

TED spread	2.11
S&P 500 returns	-6.12%
VIX	74.26
Nikkei 225 (11:53 AM IST)	-6.21%
US Financials index	-12.61%
ICICI Bank ADR	-13.63
Call rate on 20th
Currency futures (11:53 AM IST)	50.5825

• The ink hadn't dried on the G-20 declaration:

  ...

  Our work will be guided by a shared belief that market principles, open trade and investment regimes, and effectively regulated financial markets foster the dynamism, innovation, and entrepreneurship that are essential for economic growth, employment, and poverty reduction.

  ...

  13. We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports. Further, we shall strive to reach agreement this year on modalities that leads to a successful conclusion to the WTO's Doha Development Agenda with an ambitious and balanced outcome. We instruct our Trade Ministers to achieve this objective and stand ready to assist directly, as necessary. We also agree that our countries have the largest stake in the global trading system and therefore each must make the positive contributions necessary to achieve such an outcome.

  ...

  and we got new protectionism from Russia, India and the EU. Read Martin Hutchinson from breakingviews.

• Mihir Sharma in Indian Express on the need for new HR policies in government.
• Economists think that price flexibility is a key to macroeconomic adjustment. Here's an example of the fine structure of price flexibility.