Global de-risking/deleveraging has taken A Threatening Turn. It's no exaggeration to write that the UK pension system was this week at the brink of spectacular collapse, with confidence in policy and market function hanging in the balance. September 28 - Reuters (David Milliken, Carolyn Cohn, Sachin Ravikumar and Dhara Ranasinghe): "The Bank of England stepped into Britain's bond market to stem a market rout, pledging to buy around 65 billion pounds ($69bn) of long-dated gilts after the new government's tax cut plans triggered the biggest sell-off in decades.