By now it should be clear, without the flow of Federal Reserve funny money, the wedge between the reality of collapsing macro- and micro-fundamentals and ever-expanding valuation hope-based stock prices is bound to close... and that is why the following 2 charts must be scary for Janet (and every asset-gathering commission-taking talking head out there).
The Wedge: (the Fed-engineered gap between reality and unicorns)
[7]
And the flow: (the rate of change of The Fed balance sheet - as opposed to the level or 'stock' of The Fed balance sheet - is what matters after all, via NJC [8])
So once again we'll ask, as we have ever since 2014: is the Fed simply rising rates just so it badly crashes the economy and has the cover to launch QE4, the same way Russian sanctions crippled Germany's economy and led to the ECB's very first episode of bond monetization?
