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Are the crowds ready for the curtain of Fed omnipotence to be pulled aside? What will push markets ever higher if the Fed’s alchemy fails?

The tricky part is distinguishing the critical dependencies–those resources the empire literally cannot do without–from longer-term sources of decay and decline.

Maybe we’ll get 1893, 1929, 1968 and 2008 analogs mixed into a heady cocktail of surprises.

Not only does everyone love getting “free money” from the state, they also love hearing the fantasy repeated endlessly that debts are no problem because we will continue to “grow our way out of debt.”