In all probability, we are about to see another global Lehman-like fiscal response from policymakers. InChina, that means more state-directed spending on infrastructure and pro-consumption programs; in theUnited States, it means (hopefully) action sooner rather than later on the fiscal cliff; and in Europe, itmeans…well, we’ll see. The “stingy six” need to step up, and fast. Until they do, the flight to safety (U.S.Treasuries, U.K. gilts and German bunds) will continue, as will the flight from global equities.