by Charles Hugh Smith
Of Two Minds
The bear has awakened, and it will not be limited to the stock market.
The bear awakens from a long, uneasy slumber and the everything bubble is in trouble.
I’m not going to make the bear case with charts or price-earnings ratios or sentiment readings or anything remotely financial. My bear case is a crisis of belief as faith in the religion of the Federal Reserve dissolves and the dumbfounded believers realize the Fed is a failed religion.
To understand the religion of the Fed, consider the Federal Reserve policies and actions that the market views as bullish: