The poor economic data flow is due to abnormally inclement weather, according to the apologists. Then I saw the following remark that I thought summed up my attitude rather well: “If we adjusted for weather, Napoleon would have taken Russia in 1812.”

What we have is a massive, world-wide financial bubble that is in the very early stages of collapse as economies start to show symptoms of withdrawal from hyper-stimulus.

And don’t blame it on Putin, either.

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