The plunge in global equities has wiped out more than $5 trillion in value, or equivalent to nearly Japan's annual GDP. 

On Thursday afternoon, Guggenheim's Scott Minerd said, "this is possibly the worst thing I have seen in my career... it's hard to imagine a scenario in which you can contain the virus threat," adding that "Europe and China are probably already in recession and US GDP will take a 1.5-2.0% hit." 

"The stock market could be down 15-20%... and would likely force The Fed's hand."

MSCI ACWI is a market capitalization-weighted index with broad equity market exposure across the world, plunged 10% in the last five days, its biggest drop since August 2011...

The Dow Jones just saw its fastest collapse from an all-time peak since 1928, just ahead of The Great Depression.