Just as the wildebeest can scent a lion, the markets can scent the imminence of a recession. The prospect of a recession is the real cause of the panic. Once this happens, nothing can stop it. All the speeches, all the interest rate cuts, and all the handouts to the banks, will have no effect on the financial markets. They will see that the governments and central banks are afraid, and they will draw the necessary conclusions.
The rest of the article is interesting to see the Marxist perspective albeit a bit too propagandistic for my tastes. Still this quote was quite insightful.