Not much to explain here. US credit is being paid down substantially, thus raising major Eurodollar liquidity concerns. Spain, who led the Eurozone in economic growth last year, just posted a 65% GDP contraction by US measure, which makes it even more obvious that money isn't circulating. This is just getting started, as some of these decade-long charts seem to be pointing to. I have no clue how this is going to effect the US indexes, but the first European bank to fail (looking at you Deutsche) will completely eradicate the ignorance JPow "pumped" into our sheeple here in the States.
RIP TVIX.