Bank of England must lend
If it does nothing, well then the cost of money for all of us - in the form of the interest rate we pay on loans - will soar. Which is not what we need when the economy is so weak.
Also an ever growing number of businesses and individuals perceived as even a slight credit risk will not be able to borrow at all.
Money will become painfully tight.
And there could be worse. As the weaker banks become ever more dependent on overnight loans, as they find it increasingly difficult to borrow for any length of time, so grows the danger that one or more of them could suffer a fatal run.
So I expect the Bank of England to provide some of the credit that the banks are unable or unwilling to provide to each other.
This would have to take the form of tens of billions of pounds of loans to the banks at maturities much longer than overnight, including a chunk of three month money.
Maybe the Bank of England will take this evasive action tomorrow. Maybe we'll have to wait a bit.
But with so much fear and uncertainty in the world, it's got to happen soon.