Fundamentals for markets have boiled down to QE or QT since 2009. Now there’s QT, a lot of QT, globally, to battle the worst inflation in decades.

Most people in finance today cut their teeth in the era of Easy Money, when history books were thrown out the window. 

The Fed ended Free Money, and the only thing it broke is the consensual hallucination that spawned during the Free Money era. And look what we got. 

Some markets are already deep into it, others just started. A sobering trip from the free-money decade in la-la-land, back to normal. 

Drunk with Easy Money, companies were hogging office space and workers for a future that did not come. 

The Crazy Stuff and Crazy Asset Prices that arose during Easy Money started blowing up when Easy Money ended. 

As the FTX collapse shows, the shenanigans guarantee smooth, efficient contagion inside the crypto zone. But beyond it? 

Raging inflation knocked out the “Fed put,” and banks are no longer on the hook for mortgages; taxpayers and investors are.