The Global Circle Of Jerks. Is Ending...

We are led by a clueless global pseudo-elite of fraudsters and clowns, the likes of which the world has never seen, with one overriding mission - preserve their position at the top by any means possible...

Per Zerohedge's operating thesis, this entire global reflationary circle jerk is wholly a result of China's stimulus, bubble factory, which is now in a renewed ebbing cycle...

Commodities

Here we see commodities following China GDP lower, interrupted by massive stimulus packages, each having less impact than the last...

Oil is highly correlated to the rest of the commodities complex and therefore China policy. Here we see Oil synching up with China's stock market, having been inversely correlated through 2015:

The U.S. reflationary impulse was imported via oil and commodities:

The Fed are desperate to normalize ahead of the next stock market crash, so they're going along with the charade, by raising interest rates in the absence of any offsetting fiscal stimulus. 

I mean aside from non-stop bullshit...

Leave aside that gamblers bought the "reflation" fantasy with both hands - throwing their money away enhanced the delusionary impact of this circle jerk via "soft data".

And anyway, it's not the first time they bought banks at the end of the credit cycle. October eight years ago, they did the exact same thing. Only that was one cycle degree smaller than this impending mega crash...

Banks with Loan growth:

On a separate note, a Macron win is 3 sigma priced in to French stocks:

And two standard deviations overbought for Europe: