Low vibration energy…we are clearly stuck here. Last quarter, I used this report to dive into the tectonic shift that has begun to grip global capital markets. As we continue to watch the world pull itself apart along geopolitical and ideological lines with implications that will likely last decades, I am struck by the here and now. U.S., European and Japanese policy makers are clearly running out of credibility at a rate that markets find alarming. Consider the profound policy shifts that occurred around the world just during the second quarter—the Fed’s pivot from transitory to channeling Volcker, the Bank of Japan’s policy of yield curve control allowing massive devaluation of their currency, and the ECB’s non-sensical policy of marrying interest rate hikes with anti-fragmentation bond buying in the periphery. All of this has left investors dumbfounded.