The financial markets have had plenty of wake-up calls in the past year or so. Yet markets adapt rapidly. We’re growing to accept things as normal which once would have seemed unthinkable.

Today marks a big day for the global credit crisis. It’s exactly one year old.

If you had to come up with names for some of the four horsemen of the financial apocalypse, you might opt for some grisly economic terms, like “inflation”, or “depression”. Or if you’re of a more creative bent, you might opt for “hubris”, or plain old “greed.”

Last year, China was viewed as the driver behind rising commodities prices.

Now the blame for spiraling food and oil prices is increasingly being laid at the door of Fed Chairman Ben Bernanke for cutting the fed funds rate to 2% and unleashing yet another wave of inflationary surplus liquidity.

The fallout is now being seen as India, China, the Philippines and Indonesia hike their own interest rates to rein in rising prices.

Consumer prices jumped 7.7% last month, down from 8.5% in April, but inflation there remains top of the list of economic concerns.