It is the last day of 2017. The blog has been quiet this year because nothing much has changed as the indexes were pumped higher and higher with repeated volatility slams. However, while you can move risk around you can’t reduce it. The Fed and the other CBs are simply pushing risk off into the future, where it is accumulating. The Greenspan and Bernanke bubbles burst, but were rapidly re-inflated by the succeeding Fed chairman. What will be the fate of the Yellen bubble?
Here is an excellent view of what the Fed has wrought, from Lacy Hunt.
Financial Reality 