Presented with minimal comments, the following 'picture' from Fathom Consulting paints a thousand words of unsustainability and delusion…
While we agree with most of the chart above's content, we note that the call on the 'housing' non-bubble all depends on which market you are looking at…
Of course, the charts above are merely the symptoms.
This is the cause…
Compared to the 'normalized' movement in central bank balance sheets before Lehman; the current (and utterly ridiculous) size of the G-3 central banks balance sheet is 47 standard deviations above trend!!
So where is the real 'disease' that needs to be cured? "I'm the hero of the new world" … "No, you're the disease…"
via http://ift.tt/2f6hk8m Tyler Durden