The BIS has released its always-excellent Annual Report, and it doesn't disappoint. I highly recommend the Report's account of the financial panic last September and October (pp. 23-31). It's easy to forget how truly terrifying it was, and the unimaginable pressure that policymakers—especially the Federal Reserve—were under to solve new systemic threats pretty much every day. In particular, I recommend the box describing the crucial role of the money market funds in the financial contagion, and their role in spreading the funding crisis to the European banks (pp. 25-26). BIS publications always have great charts, and I've extracted some of my favorite charts from this year's Report below. One interesting thing the Report does is it provides charts of all the important market indicators with a verticle line marking the date of the Lehman bankruptcy (Sept. 15). That way, you can really appreciate how important that day was. To say that it marked the beginning of a new stage in the financial crisis is a gross understatement. Other interesting charts in the Report: Great stuff, as always.