One More Time: Chaos Is Normal. Calm Is The Outlier

Over and over again, day after day, market observers of all kinds (myself included, although I try to avoid it) reference how "shocking" the last few years were from a macroeconomic perspective. As I regularly remind readers, the "abnormal" macro volatility experienced so far in the 2020s is in fact just a return to the way things always were prior to an anomalous three-decade run of relative stability. To call this a recurring theme in these pages would be to understate the case. But as with