The fear is palpable. Despite the best efforts of central planners around the globe, equity markets are continuing to crash as investors begin to recognize that the magical monetary policy jig is up.
In other words, the emperor has no clothes.
Here's Hedgeye CEO Keith McCullough's analysis of Europe this morning:
"Too bad both the Draghi devaluation move (and the Japanese negative rates one) only gave those stock markets 2-day rallies; straight down again for the DAX, IBEX, and MIB Index (all are in #crash mode with Spain leading the draw-down at -27.4% from its 2015 bubble peak) #EuropeSlowing"
It gets worse.
Add central banker egos to the laundry list of quickly deflating assets. Unfortunately for our omnipotent, un-elected central planners, they are slowly arriving at the difficult realization that they are incapable of arresting economic gravity.
Equity markets are spooked.
Meanwhile, over in Britain...
How about Spain?
One thing is becoming increasingly clear with each passing day... Reality is confounding global central planners.
Stay tuned - this is going to get really interesting.