7 The sudden shutdown of short-term wholesale funding posed severe liquidity  According to the World Bank, 112 countries had explicit deposit insurance plans in 2013, up from 84 countries in 2003. http://blogs.worldbank.org/allaboutfinance/deposit-insurance-database-newly-updated. Furthermore, other elements of a government safety net for banks often include measures to support a wellfunctioning payments system and a collateralized lender of last resort facility.
In March of this year, market participants once again bid up long-term rates, but as occurred last year, forces came into play to make those increases short lived. But what are those forces? Clearly, they are not operating solely in the United States. Long-term rates have moved lower virtually everywhere.