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The Swarm Effect
When last we checked in on Deutsche Bank's derivatives strategist - and man who is infinitely smarter than you - Aleksandar Kocic, he was busy discussing what he calls the "permanent state of exception."
This was an extension of Kocic's previous work on the reflexive character of the relationship between the Fed and markets.
For those unfamiliar with the "fourth wall" analogy, recall this from a 2015 note penned by Kocic describing how the committee made the implicit explicit:
Going into the F
In this context, Kocic, who is infinitely smarter than I, demonstrates a remarkable insight into human nature, to a degree, level and depth commensurate with that of a buddha.