Mugatu said it best... And here is your mad mad mad world of investing... US Macro... US Earnings... Europe Macro... Europe Earnings... Short-term Europe Earnings... Long-term Chinese Macro... Japanese Macro... Russian Macro... * * * Of course when this all collapses under the weight of debt-saturation-limited intervention, as Mark Spitznagel warned, we will all be told it was an utterly unforeseeable 'black swan'.... It won't be! The biggest bear markets of the past were not dreaded “black swan” events at all. They were perfectly predictable, by economic logic alone, the same logic that says governments cannot manipulate market prices without creating distortions that will always, without exception, be counterproductive. In the next stock market crash, we will be told that the fault was some surprising economic or geopolitical shock. Let’s remind ourselves now that this will be false, the proximate cause rather than the ultimate cause. The ultimate cause is the same ultimate cause that has been demonstrated to us for over a century: distorted and manipulated markets. These markets are speaking to us yet again. This time around, we need to listen. * * *