BTFD: "Buy The Fucking Depression"

By conflating low volatility with low risk, Central Banksters have put untold amounts of real wealth at risk in their vain attempt to generate fake wealth. Risk is not defined by short-term price noise, it's defined by the solvency of the underlying investment. Just because someone pays a trillion dollars for a brick, doesn't make it worth a trillion dollars...

"There's a lady who's sure all that glitters is gold, and she's buying a stairway to Heaven"

When they say "global stocks" at record highs, they mean U.S. stocks...

The rest of the world is still lower than 2015, 2014, and 2008...

Unfortunately, CasinoNomics is all about momentum, and momentum is about ignoring risk, but don't take my word for it:

"The momo crowd does not care about the economy or fundamentals. Momo simply buys because the price is going up...Momo is totally oblivious to the weak economic data"

"...retail sales are declining after a prolonged run. This is especially troubling because the economy is near full employment. Typically, as employment gets stronger, retail sales climb. Could this be an early warning signal?"

Among other things it's a late warning signal that the official unemployment rate is total bullshit...

Bar and restaurant sales % change from year ago:

Back to the volatility and risk discussion...

With the economy imploding and momentum investors chasing their own casino capital higher, Central Banks have assisted in mispricing risk at the end of the cycle:

One of these is not like the others...

The systematic implosion of volatility as attested to by the simultaneous obliteration of hedge funds and rotation to passive investing, is testament to the impossibility of hedging client money:

"Playing with momo is like playing musical chairs. Sooner or later, the music stops and someone is left standing."

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Bitcoin (Bitstamp, $USD)

No liquidity, no 'Conomy, no problem...